ING And CNA Announce
3,450 In Job Cuts
By
The ING Groep N.V. and CNA Financial Corp. last week announced sweeping reorganizations and a total of 3,450 in U.S. job cuts.
ING, Amsterdam, says it will slash travel and technology expenses, reduce use of consultants, strive for "operating synergies," and eliminate 15% of the 10,700 jobs in its newly expanded U.S. operations.
Severance costs will exceed $75 million, but the cuts should save $250 million a year, ING says.
ING acquired ReliaStar Financial Corp., Minneapolis and the financial services and international divisions of Aetna Inc., Hartford, a year ago and added them to existing U.S. operations.
