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.

"Tempered" revenue growth this year will likely continued for another two years, Tilmant said. "If I look at markets, I’m not amused," the ING vice chairman said.

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The staff of Mutual Fund Market News ("MFMN") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MFMN, and have not prepared, sponsored, endorsed, or approved these summaries.

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