ING, the Netherland’s largest financial services company, announced that it will be cutting 7,000 jobs while simultaneously investing in its digital platforms in order to save $1 billion by 2021. One-thousand of the jobs will come from suppliers, with the remaining 6,000 to account for less than 12% of the bank’s total workforce. ING was given a state bailout and forced to restructure during the financial crisis in 2009. The decision has drawn sharp criticism from many of the country’s labor unions, who argue that the government did not intend for the bank to cut jobs after it received a bailout. Labor Leader Herman Vanderhaegen called ING’s decision a “horror show”.
See "ING plan to cut 7,000 jobs, spend on digital draws union ire", Toby Sterling, Reuters, October 3, 2016