COVID-19 has deeply impacted the economy and forced numerous businesses to shut shop. Some of the bigger businesses, such as Dutch banking group ING, have also reported a dip in their quarterly YoY profits. In their latest Q3 2020 net results, the company posted net profit of €788M, which is almost half the €1.4bn reported it reported last year in Q3. As a result, the company is closing down some of its branches in various regions and cutting down on staff numbers.
ING to close its offices in several regions
The first step ING is taking to refocus its efforts is to shift its aim to activities that ensure faster client delivery and improving end-to-end digital customer experience. In the company’s Wholesale Banking sector, this will result in shifting focus on core clients and ‘simplifying’ the company’s geographical footprint. The bank will thus close down its wholesale banking offices in South America and Asia. Additionally, it will also downsize integration operations in several EU countries and let go of about 1,000 jobs.