The chief executive of financial services group ING is planning a major reorganisation which will cut thousands of jobs and increase centralisation, the Financieele Dagblad said on Friday.

ING has refused to comment on reports but the paper says CEO Ralph Hamers will announced the overhaul on Monday when the bank holds an information session about strategy for investors, analysts and the media.

Belgian media have already said thousands of ING jobs are set to go in Belgium and sources have told the paper the Netherlands will also be hit.

The aim is not only to structurally reduce costs but to ensure the best practices in each country where the bank operates are used throughout the entire group. For example, the Netherlands and Spain lead in terms of digitalisation but Poland has a leading role in terms of controls, the FD said.

‘This simplification will not only deliver a lot of money but will make it possible to merge more units,’ the FD said.