ING confirms restructure rumours, says speculation on staff impact is ‘premature’

Rumours of an ING restructure affecting 400 people have emerged online, reportedly sourced from anonymous insiders. While the bank has confirmed that a restructure is taking place, it has added that speculation on the impact on staff is “premature”.

According to a supposed anonymous tipster speaking to media, ING Australia is looking to restructure its wholesale banking business, allegedly leading to 400 people, or around 3 per cent of the workforce, being marked for termination.

“ING Australia wholesale banking is having a major restructure following the global change,” the tipster said, with the change potentially referring to recent interest rate increases, the discontinuation of maximiser accounts or the subscription banking model announced earlier this year.

“400 ppl - 3% of WB are expected to be gone globally, rebranded the whole dept to Corp and Insto [sic] banking.”

Responding to Banking Daily’s request for comment on the matter, ING said it was making restructure changes from March next year, but added that while this would mean roles would change, it would first be discussing the decision with its team and the plans for the business going forward.

“As part of our ambition to become the best European bank, we are taking the next strategic step in Wholesale Banking,” an ING Australia spokesman told Banking Daily.

“From 1 March 2027, Wholesale Banking will become Corporate and Institutional Banking, a name that better reflects our business and the clients we serve.

“At the same time, we are simplifying our global structure to make it easier for clients to do business with us, sharpen our focus and build greater scale and consistency across our product teams.

“The changes may have implications for our local structure and some roles, but that process has not yet begun and it would be premature to speculate on any potential employee impact. Our immediate priority is to talk with our people about the changes announced and what they mean for our business.”

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Jerome Doraisamy

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Jerome Doraisamy is the managing editor of Momentum Media’s professional services suite, encompassing Lawyers Weekly, HR Leader, Accountants Daily, and Accounting Times. He has worked as a journalist and podcast host at Momentum Media since February 2018. Jerome is also the author of The Wellness Doctrines book series, an admitted solicitor in NSW, and a board director of the Minds Count Foundation.

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