An oral agreement between management and staff representatives means there will be a maximum of 890 redundancies at ING, instead of the 1,700 previously announced.
The jobs will go because bank is restructuring (meaning 3,150 jobs lost, one in three), L’Echo and De Tijd reported on Saturday.
The agreement also includes a goal of 400 redundancies. There will be between 400 and 890 redundancies.
The main element of the agreement is an anticipated retirement plan for employees aged over 55 who have been at the company for more than 10 years.
The bank will also keep the equivalent of 200 more full-time commercial employees than previously planned, by keeping open 20 extra branches (154 branches out of 650, the others franchised. Record Bank will disappear).
The official documents confirming the oral agreement will start to be drawn up on Monday. The Unions will present them to the staff soon.
ING told L’Echo that “nothing official has been signed yet. But we have high hopes that the oral agreement will remain in place. We will prioritise internal communication with regards to the rest of it”.