Thursday's Headlines: ING to cut 2,700 jobs to prepare for leaner times
ING, the Netherlands' largest financial services firm, says it will cut 2,000 positions and 700 contractors at its retail bank, news media are reporting today.
The firm says the cuts will create $412.4 million in annual savings starting in 2014 and help it prepare for leaner times ahead, according to Bloomberg. The news came on the same day that ING posted a steep jump in third-quarter earnings, a jump partly due to write-downs taken in the same period a year ago.
"It makes ING the latest major European financial institution to restructure against a backdrop of tighter regulation and economic uncertainties due to the euro-zone debt crisis," the Wall Street Journal writes.
Bank of America employees scrambling for jobs at rivals as budget cuts hit payrolls. [Reuters]
BNP Paribas writes off 2.6 billion euros of Greek debt, leading to 72 percent drop in Q3 profits. [DealBook]
SEC plans to target more firms that misled investors over CDOs, after settlements with J.P. Morgan, Citi, Goldman. [Financial Times]
U.S. regulators warned MF Global about European debt exposure four months before bankruptcy. [Reuters]
Bank of America retail clients unhappiest, most likely to switch to competitors, survey finds. [Investment News]
Jefferies says it always shuns large proprietary bets to avoid MF Global fate. [Bloomberg]
Lloyd's Banking CEO takes leave of absence due to "extreme fatigue." [Wall Street Journal]
Financial advisor's YouTube video attracts $1 million investor. [Investment News]
PIMCO's Gross says U.S. banks undercapitalized; suggests separating retail, investment banking. [Reuters]
Judge rules Illinois can sue Wells Fargo for allegedly pushing minority borrowers into risky mortgages. [Wall Street Journal]