AMSTERDAM-- ING Groep NV, the largest Dutch financial-services company, said Thursday it will look to lower costs annually at its U.S. insurance unit by as much as $300 million as stock prices tumble.
According to Tom McInerney, head of ING's U.S. financial services unit, who spoke at a conference in Hartford, Connecticut, the cut backs do not include layoffs, but will involve the consolidation of back office operations.
In December, the Amsterdam-based company announced plans to slash 1,600 jobs, or 15 percent of the workforce in the U.S., where it bought ReliaStar Financial Corp. and two units of Aetna Inc. in 2000. It later increased that number to more than 1,800.
Elsewhere on Thursday, Swiss insurer Zurich Financial Services AG, said it would fire 4,500, or 6%, of its workforce in Europe after posting over $2 billion of losses during the first half.
