Jan Hommen, the chief executive of ING Groep NV, says he will give up the (EURO)1.25 million ($1.78 million) bonus he had been awarded for 2010 and instructed other managers to do the same.
His planned bonus, which was to add to a (EURO)1.35 million salary, conforms to revamped compensation guidelines, but news of the payout was greeted with public outcry and customers threatened a boycott. Hommen said ING underestimated the negative public reaction, adding Tuesday he didn't want to hurt the bank's improving image.
ING has paid back half of the (EURO)10 billion in state aid it received in 2008, and plans to repay the rest in the coming two years.
In February, ING reported 2010 net profit of (EURO)3.22 billion, from a loss of (EURO)935 million in 2009.