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ING Bank Śląski is preparing large layoffs

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ING Bank Śląski is preparing to cut employment. Almost 1.5 thousand people are expected to lose their jobs. “The planned reductions result from the continuation of the long-term project of evolution of the organizational structure,” the bank said in a statement.

The Management Board of ING Bank Śląski explained in a statement that the bank’s financial result in the fourth quarter of 2023 will be burdened with additional “significant costs” due to changes in estimates regarding the costs of legal risk of mortgage loans in foreign currencies in the amount of PLN 105.1 million.

“Additional costs result from periodic verification of the main calculation assumptions, taking into account the projected number of new disputes and updates of other model parameters,” it was explained.

ING Bank Śląski cuts employment

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As added, the costs also include “the creation of a restructuring reserve for the years 2024-2026, which will increase the bank’s operating costs by PLN 86.1 million.”

“The planned employment reductions of approximately 1,450 positions result from the continuation of the long-term project of evolution of the bank’s organizational structure, including, in particular, further optimization of the number of branches and development of digital channels in the retail segment, reconstruction of the organizational structure and processes in the corporate segment, and optimization and automation of processes in units supporting the bank’s business areas,” it was explained.

At the end of the third quarter, ING Bank Śląski employed 8.5 thousand people. people.

Read also: Third round of layoffs at Spotify. 1,500 people will lose their jobs

Main photo source: Miroslaw Skorka / Shutterstock.com

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