ING Luxembourg has put hard numbers on the human cost of its strategic retreat into private and wholesale banking. Up to 124 jobs are set to go as the bank winds down mass retail and business banking activities in the grand duchy and closes two of its four branches here.
The lender, which employs some 900 people in Luxembourg, confirmed on Tuesday that it has begun consultations with staff representatives ahead of formal negotiations with trade unions on a social plan expected to run until the end of 2026.
The move comes as ING completes the referral of its remaining 21,000 private individual clients to BGL BNP Paribas and phases out services for local companies, self-employed professionals and entrepreneurs. The closures extend to bricks and mortar: branches in Esch-sur-Alzette and Ettelbruck will shut their doors by the end of November, leaving only Luxembourg Gare and Strassen as ING’s remaining outposts.
“We are focusing on delivering value to our private banking and wholesale banking clients, to ensure that ING remains strong, competitive and future-ready in Luxembourg,” said Michael Burch, CEO of ING Luxembourg, in a statement.
‘Human impact’
“We recognise the human impact of these changes. Our full commitment is to guide both our employees and our impacted clients through this strategic transition with the utmost care, sensitivity and respect.”
The cuts are the latest chapter in a transformation set in motion in May 2024, when ING first admitted there was “no realistic path” to sustainable growth in mass retail banking in Luxembourg.
That decision triggered account closures affecting tens of thousands of households and drew political fire over reputational risks for the country’s financial centre.
Just last week, ING folded its Luxembourg-based investment arm into a new Global Investment Centre, pooling its assets under management across its Benelux operations.
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- ING ejects Luxembourg retail clients in private banking push