ING to Cut 230 Jobs as It Has ‘Too Many’ Managing Directors (2)

ING Groep NV announced a round of cuts focused on senior staff, saying there are just too many of them.

The Dutch lender plans to eliminate 230 roles across its wholesale banking division, according to a statement on Monday. The cuts “will be focused on Directors and Managing Directors in commercial, front office roles” as the lender has “too many senior roles,” it said.

Shares in ING were 2.1% lower at 11:15 am in Amsterdam. The stock is up about 23% this year to date, compared with about 30% for the wider European banking sector.

ING has guided for costs ...