Will expats lose their job at ING?

Are #expats at #ING facing possible #redundancy?

Today ING has indicated that they are going to reduce their workforce with 2,700 people. 2,000 of them will be full time jobs within the company, the other 700 will be external employees who are posted at ING.

Reasons for this decision are:

- changing economic and financial environment
- reduced demand for mortgages
- stricter rules for the banking sector which require cost reductions

The sector itself also made it more difficult to get a mortgage. They have tightened the rules too. So it is not strange that the demand for mortgages has reduced. Therefore the reduced amount of work is a consequence of their own policy too.

It is easy to look at the changing economic and financial environment. But why not look at the possibilities? Act as an entrepreneur. Create business. Even the current rules give room for flexibility. Money should be flowing again and the economy grow. If banks sit on their money, the crisis can't be overwon. Instead of saving costs, the focus should be on making a profit. Profits which can be made by lending out money, as a mortgage or as a loan to companies. Otherwise it will become a negative spiral.

Many of the external employees posted at ING may be expats. We should keep these expats in the Netherlands. This is the wrong signal.

The reorganisation should be finalized at the end of 2013. Hopefully the reorganisation will not have to be finalized but can be stopped in the mean time. But if you do become redundant look at the options you have. For more info see www.expatax.nl/redundancy.