ING Vice Chairman Michel Tilmant told a press conference in Frankfurt late Friday further cost-cutting measures, including layoffs, would continue into 2003, Reuters reports. This is in addition to a $545 million cost-cutting program last year.

At the same time, the company will continue looking into buying other companies, although no concrete plans currently exist, Tilmant said.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.