On 29 October, ING CEO Steven van Rijswijk told investors that restructuring includes merging legal entities and consequently “merging back offices into one.” ING’s operates these primary hubs in CEE: ING Hubs Poland and Slovakia/Romania.
ING expects around 400 redundancies globally as it restructures Wholesale Banking into Corporate & Institutional Banking. It booked €63m of Q3 restructuring charges and expects another €175m in Q4.
Management specifically highlighted its global hubs network, which brings together a substantial proportion of ING’s operations and technology workforce. ING says this structure has allowed it to absorb business growth without adding equivalent resources. Group headcount is already down 1.5% YoY.