ING sheds 7,000 staff

After losing an estimated EUR3.3 billion in the last quarter of 2008, ING will lay off 7,000 employees, along with chief executive Michel Tilmant.

The Dutch firm said its decision to replace Tilmant had been made after "the worst quarter for equity and credit markets in over half a century", which saw it lose an expected EUR1 billion for the whole of 2008.

Jan Hommen, currently chairman of the supervisory board, will take over as chief executive from May 2009.

The cut of 7,000 full-time positions

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