PracticeConsultingING Barings to cut 500 City jobs

ING Barings to cut 500 City jobs

ING Barings, the Dutch financial group, will cut 500 jobs from its investment banking operations in London as part of a global shake-up of its business operations.

An ING spokeswoman told the BBC Onlinethat between 150 and 175 London staff would be offered redundancy, with the remaining job losses made up of agency employees and ‘the normal outflow’ of staff.

She said most of the job cuts would affect support staff rather than bankers.

The bank also announced it would sell its US investment banking division to rival Dutch bank ABN Amro for $275m (Euros 300m). More than 1,000 ING staff in the US will move to ABN Amro, with a further 200 jobs being cut in the sale. A further 300 employees are to be cut from its worldwide operations.

ING said the job cuts and reorganisation of its businesses would result in savings of Euros 500m, and the US sale would produce a profit of $37m (Euros 40.35m).

ING entered the investment banking market in 1995 when it purchased Barings Bank for one pound after it collapsed following huge losses racked up by rogue trader Nick Leeson. It later bought US securities firm Furman Selz for $600m (Euros 654m) and integrated it into ING Barings and has since made further acquisitions.

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