The Associated Press
AMSTERDAM - ING Chief Executive Jan Hommen is warning his staff that the Dutch bank doesn't expect any "immediate improvement" in the coming year.
In a New Years' message published Monday, Hommen thanked employees for their hard work hard in 2012 but added that "further cost-cutting" was needed for 2013.
"Risk costs for the Bank have been increasing amid the economic downturn, and we don't foresee an immediate improvement," Hommen said.
"While we have initiated steps to reduce expenses, we are also confronted with headwinds," he said, citing higher costs and taxes.
In November, the company responded to poor third-quarter results with plans to cut 2,350 jobs, around 2 per cent of its workforce.
Shares jumped 2.9 per cent to €7.608 Monday. ING reports fourth-quarter results on Feb. 13.