ING Group announces job cuts and 1.65 billion euro share buyback

ING Group has announced plans to cut approximately 400 jobs globally within its wholesale banking division as part of a restructuring effort. The unit will be renamed the Corporate and Institutional Banking division to better reflect its strategic focus and create a leaner structure.

During its third-quarter earnings presentation, the Dutch bank reported a net profit of approximately 1.85 billion to 1.9 billion euros, up from the previous year. This growth was driven by a 15 percent increase in interest income, benefiting from higher interest rates set by the European Central Bank.

In addition to the restructuring, ING launched a share buyback program of up to 1.65 billion euros, which exceeded analyst expectations. The bank also announced it will pay 250 million euros in cash to shareholders in January.