Trade unions Aleba, LCGB and OGBL have signed a social plan with ING Luxembourg, confirming the loss of up to 124 jobs as part of the bank’s ongoing restructuring.
The agreement, finalised on Friday, was reached after “long but constructive and respectful discussions,” the unions said in a joint statement on Monday. It includes “enhanced financial indemnities” and “career transition” and “training” support for affected staff, though no further details were provided.
“Every effort to offer the best possible departure conditions for the impacted employees has been made,” the unions said, describing the outcome as one achieved in a “spirit of open dialogue and collaboration.”
Layoffs at ING Luxembourg ‘a heavy blow,’ says government
The deal formalises what ING Luxembourg CEO Michael Burch had already confirmed in an interview with the Luxemburger Wort last month, that 124 positions would be eliminated as the bank winds down its mass retail and small business banking operations.
Burch said at the time that the Dutch-owned lender wanted to focus on areas that “create added value for Luxembourg and our bank,” notably private banking and wholesale banking for international corporate and institutional clients.
The overhaul marks the final stage of ING’s retreat from retail banking in Luxembourg. The bank, which had around 90,000 retail clients before its strategic shift last year, expects to be down to 20,000 by the end of this year.
It has already closed most of its branches, with only Strassen and the head office in Luxembourg City remaining open beyond the end of this year. ING also struck an agreement with BGL BNP Paribas to onboard thousands of customers affected by account closures.
