ING sees profit drop 96%

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

ING

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 http://www.marketingweek.co.uk/news/ing-puts-brakes-on-f1-sponsorship/2064307.article

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

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