ING to pare ranks after profits dive

AFP-JIJI

Dutch banking and insurance group ING has reported a 32.5 percent plunge in net profit last year and said it intends to cut 2,400 jobs in its operations in the Netherlands and Belgium.

The group Wednesday reported a net profit for 2013 of €3.89 billion ($5.2 billion), a nearly one-third drop from 2011. It said that the fall reflected restructuring costs, losses on the sale of high-risk assets and charges linked to products in the U.S. offering a guaranteed fixed income.