AMSTERDAM — Financial services company ING Group NV Monday said chief executive Michel Tilmant is stepping down as it flagged a EUR3.3 billion ($4.3 billion) fourth-quarter loss and announced a shakeup that includes transferring the bulk of its Alt-A portfolio risk to the Dutch State and shedding 7,000 jobs.

Tilmant is stepping down in light of the "extraordinary developments over the past few months and given his personal condition," the company said.

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