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ING’s Digital Future Means Fewer Jobs, Says CFO Flynn

ING Groep NV plans cut about 5,800 jobs in Belgium and the Netherlands over five years to reduce costs as the Dutch lender accelerates its digital transformation. ING expects to save about 900 million euros ($1 billion) in annual costs through the initiative, the lender said in a statement Monday. It will also invest about 800 million euros in digital technology. ING, which had 51,833 employees as of the end of June, expects about 2,300 job cuts in the Netherlands and about 3,500 in Belgium. About 7,000 workers in all will be affected, it said.