ING Luxembourg Faces Job Cuts Amid Strategic Shift, Employees Voice Uncertainty

Luxembourg’s financial sector is facing fresh uncertainty as ING Luxembourg prepares for significant staff reductions. According to the banking union ALEBA, management has informed the staff delegation of a redundancy plan that could ultimately affect more than 120 jobs. Initial information points to at least 24 positions, mainly in Retail Banking and customer services, being under threat.

The bank, however, denies that it is carrying out a formal redundancy plan, instead presenting the changes as part of its ongoing strategic evolution. ING says it intends to place stronger emphasis on Wholesale and Private Banking, with more details expected in an official announcement next week. Figures in the bank’s 2024 annual report already pointed to a workforce decline, with the number of employees falling from 966 in 2023 to 924 in 2024, a trend that now appears set to continue.

For staff, the lack of clarity is fueling anxiety. One employee told L’essentiel that during a hastily called meeting, the CEO spoke only of “departures” without specifying numbers or methods. “People are worried about losing their jobs, but we’re kept in the dark. Even my manager doesn’t know what’s going on,” the employee said. Rumors have also swirled that ING’s Business Banking division, which serves small and medium-sized firms, could be a main target after months of restrictions on opening new corporate accounts.

Union representatives confirmed that negotiations with ING are still underway. For now, many employees remain in limbo, uncertain whether they will be among those affected by the bank’s restructuring. The news follows a wider trend of job cuts and restructuring in Luxembourg’s banking sector, where digital transformation and strategic refocusing have put increasing pressure on staff in recent years.

Read More : ING announces a redundancy plan: more than 120 jobs at risk in Luxembourg - The essentials
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