ING Americas will be saving $250-300 million through cost-cutting measures, including an estimated 1,600-person staffing cut across all its lines of business, including mutual funds.

"We are looking at a 15% reduction pretty well across ING Americas’s US operations, so that includes the former Aetna and ReliaStar businesses (now US Financial Services), mutual funds, reinsurance, and the region corporate functions. ING Barings and ING Direct are not part of that group," explained Dianne Bernez, spokesperson for ING.

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