Tuesday, January 27, 2009

ING Layoff: ING Group plans to axe 7,000 jobs

ING Group is a Dutch financial company. This is to cut down 7,000 jobs this year, it said on Jan 26, 2009. And also its chief executive would step down as it seeks government guarantees for toxic mortgage debt. In October, ING took 10 billion euros, or about $13 billion from the Dutch government to bolster its capital. It said it expected to post a 2008 full year net loss of about 1 billion euros.
"Jan Hommen, the former chief financial officer of Philips Electronics and currently chairman of the ING board, will replace Michel Tilmant as chief executive," the bank said in a statement.
Source : Times of India

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