October 3, 2016 / 5:51 AM / a year ago

ING plans to shed 7,000 jobs, invest in digital platforms

AMSTERDAM, Oct 3 (Reuters) - ING Groep, the largest Dutch-based financial services company, said on Monday it plans to shed 7,000 jobs and invest heavily in its digital platforms in order to save 900 million euros ($1 billion) annually by 2021.

Ahead of an investor day, the company said it was pressured to take the move because of regulatory burdens and ultra-low interest rates.

It will invest 800 million euros in the coming 5 years, in addition to taking a 1 billion euro charge next quarter for redundancies, most of which will fall in Belgium and the Netherlands. ($1 = 0.8904 euros) (Reporting by Toby Sterling)

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