ING Bank may cut up to 950 jobs in the Netherlands by replacing some roles with artificial intelligence.
ING Bank may lay off up to 950 employees in the Netherlands by the end of next year, according to a report submitted by the bank to the Dutch employment agency UWV. This move comes as the use of artificial intelligence expands to automate some banking tasks. The bank currently employs about 15,000 people in the country.
A spokesperson for the bank told AD newspaper that the report submitted to UWV is not yet considered an official restructuring plan. The spokesperson explained, "We do not yet know the number or type of jobs that will be affected," in a statement following an initial report published by Bloomberg. He noted that this procedure is legally required before any major reorganization process.
The labor unions have already been informed of ING Bank's potential plans. The union federation De Unie stated that it is closely monitoring developments, noting that a previous forecast from UWV indicated a potential reduction of 850 jobs, but the actual outcome was only 250 jobs. The union expressed hope that the impact this time would also be limited.
For its part, the FNV union stated that previous restructuring operations were less damaging than expected, as many colleagues were able to find new jobs within or outside the bank. The union confirmed that it hopes internal job transitions will be a key part of any new restructuring plan.
This potential reduction comes after a smaller global reorganization announced by the bank earlier this year, which affected 230 jobs in the corporate client division. Those cuts were focused on departments with a large number of senior positions — such as managers and executives — while the bank seeks to increase the number of entry-level positions like data analysts.