ING Groep NV, the biggest Dutch financial-services company, will cut 2,350 jobs in its banking and insurance units after reporting a 64 percent slump in third- quarter profit.

Net income dropped to 609 million euros ($784 million) from 1.69 billion euros a year earlier, the Amsterdam-based lender said in a statement today. That missed the 846 million-euro median estimate of nine analysts surveyed by Bloomberg. Profit fell after losses on hedges protecting the insurer’s capital and a charge related to its U.S. annuity unit, ING said.

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