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ING Groep (NYSE:ING): Current price $8.96
Perhaps because the Dutch banking and insurance group ING posted a fourth-quarter net profit that missed on Wednesday, the firm’s Chief Financial Officer Patrick Flynn told CNBC that it would implement large staff reductions so as to save €1 billion in annual operating costs. More specifically, Flynn remarked that his company needed 7,500 fewer empoyees across banking and insurance. That figure includes 2,400 job cuts reported in Wednesday’s earnings release.
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