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ING Group To Cut About 100 Jobs In Minn.

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Jan 14, 2009 9:18 am US/Central

ING Group To Cut About 100 Jobs In Minn.

DES MOINES, Iowa (AP) ― Dutch bank and insurance company ING Group NV says it will cut 750 jobs in the United States, including about 100 in Minnesota.

ING spokesman Dana Ripley says the Minnesota cuts will include 86 jobs in Minneapolis and 14 in St. Cloud. The cuts nationwide represent about 7 percent of the company's U.S. work force.

Affected employees are being told this week of the layoffs, which will be completed by the end of the first quarter.

In addition to the layoffs, about 170 vacant positions will not be filled.

Ripley says the job reductions span all U.S. business units and locations.

ING was among the top 20 financial services companies globally in terms of market capitalization as recent as last March, but its stock has lost nearly three quarters of its value since then.

(© 2009 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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