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Dutch bank ING is planning to cut 7000 jobs as it attempts to save €1bn.
A spokesman at ING said the cuts are a result of the tough economic conditions.
The company said it was too early to say which departments will lose jobs.
Ralph Silva, analyst at Towergroup, said he does not expect the majority of jobs to be lost in IT.
"ING has always had a fairly small IT department because it shared services around technology before any of its competitors," added Silva.