European banks set to cut 20,000 jobs as profits decline

European banks are preparing a fresh round of bloodletting — with some 20,000 jobs set to go — as tougher rules and negative interest rates weigh on profits.

ING will slash 5,800 positions over five years as it focuses on internet and mobile banking and automates systems, the Amsterdam-based lender said.

Last week, Germany’s Commerzbank disclosed plans to cut 9,600 jobs, while Spain’s Banco Popular said it will eliminate as many as 3,000 posts after tapping investors for funds.