Dutch ING slashes jobs after profits drop

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Dutch ING slashes jobs after profits drop

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The biggest Dutch financial-services company ING is to shed 2,350 jobs in its banking and insurance units after seeing a 64 percent drop in third quarter profits.

ING is looking to sell its insurance operations by the end of 2013 after the company received a 10 billion-euro government bailout in 2008.

The job cuts are set to save the group some 460 million euros by 2015.

The group has been raising funds by selling off its Canadian online bank as well as its stake in US lender Capital One Financial Group. It has also off-loaded three billion euros of assets in Asia.

ING has already returned seven billion euros to the Dutch government plus two billion in interest and premiums.