ING sees profit drop 96%

ING, the largest Dutch financial services group, has seen its second quarter profit plummet 96% to €71m (£61m).


The figure was down from €1.92bn (£1.64bn) in the same period last year before the outbreak of the financial crisis.

However, it still performed better than the first quarter when it posted a €793m (£680m) loss.

As with many companies, it is in the middle of undertaking a major cost cutting programme in its operations around the world.

As part of its plans, it is selling off assets and closing its doors in ten of the 48 countries it operates in.

At the beginning of the year the company announced plans to cut 5% of its workforce, equating to 7,000 jobs. It has since upgraded that figure and now says it has cut more than 8,000 jobs.

In February, ING said it would end its sponsorship of Renault’s Formula 1 team at the end of this year

The Dutch bank said it would not renew its three-year contract “in light of the recently announced cost reduction programme”.

Latest from Marketing Week


Access Marketing Week’s wealth of insight, analysis and opinion that will help you do your job better.

Register and receive the best content from the only UK title 100% dedicated to serving marketers' needs.

We’ll ask you just a few questions about what you do and where you work. The more we know about our visitors, the better and more relevant content we can provide for them. And, yes, knowing our audience better helps us find commercial partners too. Don't worry, we won't share your information with other parties, unless you give us permission to do so.

Register now


Our award winning editorial team (PPA Digital Brand of the Year) ask the big questions about the biggest issues on everything from strategy through to execution to help you navigate the fast moving modern marketing landscape.


From the opportunities and challenges of emerging technology to the need for greater effectiveness, from the challenge of measurement to building a marketing team fit for the future, we are your guide.


Information, inspiration and advice from the marketing world and beyond that will help you develop as a marketer and as a leader.

Having problems?

Contact us on +44 (0)20 7292 3703 or email

If you are looking for our Jobs site, please click here