ING to cut headcount by 2,350

Dutch bank ING is to cut 2,350 jobs, it announced this morning, as it streamlines its business.

ING said it would cut 1,350 jobs from its insurance arm and 1,000 from the commercial banking division as it aims to separate both operations in difficult markets.

Chairman Jon Hommen said today: "As we work to solidify strong standalone futures for bank and insurance, we are taking steps to increase our agility in this uncertain environment."

The bank today reported net profit for the third quarter of €609m (£489m).