Updated 11:30 The Dutch financial group ING will cut 7,000 jobs out of 130,000 and it will take Dutch government help for its mortgage portfolio it announced. The group released figures for 2008 showing a loss of $1.3 billion but with fourth quarter losses three times that figure, “after what it said was worst quarter for equity and credit markets in over half a century,” reports the Financial Times. CEO Michel Tilment will leave, to be replaced by board chairman Jan Hommen.

Philips, the giant Dutch electronics company, announced it is cutting 6,000 jobs.

Posted by Ellen Wallace on 26 January 2009 at 9:21, last updated on 15 May 2009 at 18:47 | permalink
Creative Commons Attribution-NonCommercial-NoDerivs 3.0 Unported
This work by genevalunch.com is licensed under a Creative Commons Attribution-NonCommercial-NoDerivs 3.0 Unported.
        Post Comment  
 

News story, GenevaLunch, 26 January 2009.

Filed under: Business, Uncategorized

Tags: , , , , , , ,

We are happy to have your comments, which are approved before they appear: please remember to be courteous and brief. We accept only comments directly related to an article. We do not accept comment spam - messages sent to more than one site. We do not publish comments if the e-mail address is not legitimate. Thank you!

Comments

Older comments

  1. GenevaLunch » Blog Archive » Bank Julius Baer shows interest in ING private assets Says:
    September 21st, 2009 at 10:06 am

    [...] is not interested. The news agency estimates ING’s private assets at $2 billion. The Dutch bank was hit hard by the global banking crisis: in January it wrote off $1.3 billion and laid off 7,000 employees. Posted by :: Ellen [...]

Creative Commons Attribution-NonCommercial-NoDerivs 3.0 Unported
This work by genevalunch.com is licensed under a Creative Commons Attribution-NonCommercial-NoDerivs 3.0 Unported.