ING Announces 2020 Targets, Sees Job Cuts, IT Investment Program
Source: BFW (Bloomberg First Word)
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INGA NA (ING Groep NV)
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UUID: 7947283
(Bloomberg) -- ING announces 2020 financial targets including Group CET1 ratio above the prevailing fully-loaded requirement, currently 12.5%, with a leverage ratio above 4%.
Alert: HALISTER- Says target for the cost/income ratio is 50%-52%
- Reiterates intention to pay a progressive dividend over time
- Announces investment of EU800m continued digital transformation in order to further improve customer experience, accelerate growth in primary customers and lending.
- Says programs to also lead to ~EU900m annual cost savings by 2021; intended initiatives impact around 7,000 employees, mostly in Belgium and the Netherlands
- Says for the intended workforce reductions, a pre-tax redundancy provision of ~EU1.1b expected to be booked, of which EU1b in 4Q
Source: BFW (Bloomberg First Word)
Tickers
INGA NA (ING Groep NV)
To de-activate this alert, click here
UUID: 7947283