Hurting

ING is doing what it can to calm neuralgic markets and deal with losses from the past. It is underwriting a big slug of toxic assets with the Dutch state, pulling in its operational horns in unprofitable parts of the world, and sacrificing Michel Tilmant, the chief executive. But with the shares only fractionally above their recent lows, the bancassurer needs to think harder about its long-term strategy. True, the group is well capitalised. A Tier 1 ratio of 9.1% and core Tier 1 of 7.1% will r...