ING Bank Śląski to cut jobs by 10% to reduce costs

ING Bank Śląski (ING BS), part of the Dutch ING banking group, wants to cut its staff by 10% by the end of the year as part of the company's retre nchments amid the industry slump. Śląski, ING's key investment in Eastern Europe which currently employs approximately 7,600 people and has total assets of zł. 27 billion ($6.84 billion) is one of the country's ten largest banks. In an official statement the company said, "the management of ING Bank Śląski took the decision to rationalize employment in an attempt to reduce costs, increase efficiency and competitiveness." According to a nalysts the estimated savings thanks to staff reductions are between zł. 30 million and zł. 40 million. ING BS has 341 branches concentrated mainly in Southern Poland. (Reuters, Parkiet, p. 3; Puls Biznesu, p. 5) J.K.