Feeds

ING cuts jobs as exhausted boss quits

Murdoch plots layoffs 2.0 at interactive unit

High performance access to file storage

Dutch bank ING is cutting headcount and renegotiating IT contracts in a desperate effort to cut costs.

ING is looking to slash 7,000 full-time jobs in order to save €1.1bn a year by 2010. Just over a third of this will come from paying less salaries, with the rest coming from lower costs for its head office, cutting the cost of its sponsorship of the Renault Formula 1 team and renegotiating IT contracts.

ING also said goodbye to its chief executive Michel Tilmant yesterday. The official statement said he would go "in light of the extraordinary developments over the past few months and given his personal condition". An ING spokesman told the Times that the last few months had taken their toll on Tilmant and he was exhausted.

ING shares have fallen 70 per cent in the last six months - it accepted a €10bn bailout from the Dutch government in October. Tilmant will be replaced by current chairman of the supervisory board Jan Hommen.

In other news, Murdoch's Fox Interactive Media - which runs MySpace, Photobucket and other News Corp websites - is laying off five per cent of staff. This means 100 people will go, The Wall Street Journal reported. A spokeswoman for MySpace denied any job cuts at the social networking site.

Job cuts at News Corp UK websites including Times Online are expected in the next few weeks. ®

High performance access to file storage

More from The Register

next story
Audio fans, prepare yourself for the Second Coming ... of Blu-ray
High Fidelity Pure Audio – is this what your ears have been waiting for?
Dropbox defends fantastically badly timed Condoleezza Rice appointment
'Nothing is going to change with Dr. Rice's appointment,' file sharer promises
Nokia offers 'voluntary retirement' to 6,000+ Indian employees
India's 'predictability and stability' cited as mobe-maker's tax payment deadline nears
Apple DOMINATES the Valley, rakes in more profit than Google, HP, Intel, Cisco COMBINED
Cook & Co. also pay more taxes than those four worthies PLUS eBay and Oracle
It may be ILLEGAL to run Heartbleed health checks – IT lawyer
Do the right thing, earn up to 10 years in clink
France bans managers from contacting workers outside business hours
«Email? Mais non ... il est plus tard que six heures du soir!»
Adrian Mole author Sue Townsend dies at 68
RIP Blighty's best-selling author of the 1980s
Zucker punched: Google gobbles Facebook-wooed Titan Aerospace
Up, up and away in my beautiful balloon flying broadband-bot
Analysts: Bright future for smartphones, tablets, wearables
There's plenty of good money to be made if you stay out of the PC market
prev story

Whitepapers

Mainstay ROI - Does application security pay?
In this whitepaper learn how you and your enterprise might benefit from better software security.
Five 3D headsets to be won!
We were so impressed by the Durovis Dive headset we’ve asked the company to give some away to Reg readers.
3 Big data security analytics techniques
Applying these Big Data security analytics techniques can help you make your business safer by detecting attacks early, before significant damage is done.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Mobile application security study
Download this report to see the alarming realities regarding the sheer number of applications vulnerable to attack, as well as the most common and easily addressable vulnerability errors.