ING Lays Off 60 Workers From Windsor Office

Dutch financial services giant ING has laid off 60 workers from its Windsor office. It’s part of a larger layoff of 400 people across its U.S. operations. WNPR’s Harriet Jones reports.

ING confirmed to WNPR that it has issued pink slips to about three and a half percent of the workforce in its life insurance and annuity business in Windsor. Although notifications have gone out, most of the layoffs do not take effect until the end of the year. The reduction leaves just over 1,600 workers in Windsor.

ING, which is headquartered in Amsterdam, is in the midst of paying off a $13 billion bailout it took from the Dutch government in 2008. As part of that effort, it’s formulating plans to spin off parts of its U.S. operations. Windsor would be part of that spin off, which would focus on insurance and retirement services. Executives have said that an initial public offering for the U.S. insurance arm could be held in 2012. ING last week reported a fall in third quarter earinings.

For WNPR, I'm Harriet Jones.