ING Launches Buyback But Flags Job Cuts and Unit Restructuring

By Michael Hennessey

ING Groep launched a buyback program of 1.65 billion euros, equivalent to $1.84 billion, as it set out plans to restructure its wholesale banking unit and make 400 redundancies.

The Dutch bank's share buyback program was larger than the 1.25 billion-euro plan analysts expected. ING said a further 250 million euros will be paid out in cash to shareholders in January.

ING said it is creating a more streamlined structure for its wholesale banking business. The changes, which will become effective in March, will lead to around 400 redundancies, ING said. The bank has more than 60,000 employees, according to its website.

It will also change the unit's name to corporate and institutional banking to better reflect its focus.

The bank on Thursday posted net profit of 1.85 billion euros for the third quarter, up from 1.79 billion euros a year ago. The print was below analyst expectations of 1.97 billion euros, according to a consensus of estimates provided by the bank.

Total income came in 5.6% higher at 6.23 billion euros but was lower than the consensus estimate of 6.31 billion euros.

ING said lower other income due to increased interest rate volatility partly offset commercial interest income and fee income growth.

Write to Michael Hennessey at michael.hennessey@wsj.com

(END) Dow Jones Newswires

October 29, 2026 02:48 ET (06:48 GMT)