ING Bank on Tuesday announced it is scrapping between 400 and 500 jobs at its headquarters in Amsterdam as part of its restructuring process.

Redundancy notices are being handed out on Tuesday morning. Most of the job losses are internal, with 100 external jobs going, the bank said.

‘The people concerned are surplus to requirements but will remain employed at ING for nine months while they are helped to find new jobs, either within the bank or elsewhere,’ a spokesman told the Telegraaf.

The jobs losses are the first part of a restructuring process at ING which will see a total of 2,775 jobs disappear, 1,700 full-time jobs and 1,075 flexible contracts.

ING said last November it is restructuring the bank from the current organisation made up of many independent departments to one modelled on successful IT companies such as Google and Spotify. The restructuring is expected to take three years.