ING Groep has posted a 3.5% increase in third-quarter net profit to €1.85bn ($2.07bn) and outlined plans to cut around 400 jobs under an operational overhaul of its wholesale division.
Net profit for the three months rose from €1.79bn recorded during the same period last year.
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Total income climbed 5.6% year-on-year to €6.23bn.
Growth in commercial interest income and fee income was partly offset by a fall in other income, which the Dutch lender linked to higher interest-rate volatility.
Alongside the financial results, the group disclosed plans to reshape its wholesale banking arm, which caters to large corporate clients and institutional investors.
The reorganisation, scheduled to take effect in March, will eliminate approximately 400 roles.
As part of the changes, the division will be renamed corporate and institutional banking to reflect its target market.
“As a reliable banking partner, we aim to create greater value for our clients and all our stakeholders. We will create a more streamlined structure which supports closer relationships with clients, to serve them with more impact and relevance,” the bank said.
ING expects to book a €175m pre-tax redundancy charge in the fourth quarter to fund the cuts.
The measures are expected to deliver recurring annual savings of around €75m from 2028 onwards.
The group employs more than 60,000 staff members, according to its website.
The job reductions follow an announcement last week by Barclays, which said it would shed roughly 5,000 roles, or 5% of its workforce, as part of an AI rollout across its operations.
Alongside the restructuring, ING unveiled capital returns, launching a €1.65bn share buyback and scheduling a €250m cash distribution to shareholders for January.
“We enter the remainder of this year with good momentum and continued customer growth,” said the CEO.
The bank reiterated its medium-term guidance, forecasting total income above €24.5bn this year and anticipating a further increase to more than €26bn next year.
