NU Online News Service, Dec. 6, 9:22 a.m. – The ING Groep N.V., Amsterdam, Americas, says it will eliminate 15% of its U.S. workforce by further consolidating Aetna Financial Services and ReliaStar Financial Corp. with its other U.S. operations.
The new workforce reduction involves approximately 1,600 positions, but ING says it has not yet decided where the layoffs will occur.
The company expects to pay out about $75 million to $100 million in severance.
The reduction in workforce will reduce expenses in the U.S. operations by $250 million to $300 million a year, ING says.
ING acquired Aetna Financial, Hartford, and ReliaStar, Minneapolis, a year ago.