Despite Brexit, ING presses on with financial markets move to London

Photo: Wikimedia Commons
Photo: Wikimedia Commons

As part of a plan to reduce costs by an annual €200m in 2020, ING is going ahead with plans to cut staff in the Netherlands and Belgium and concentrate its financial markets operations in London, the Financieele Dagblad reported on Wednesday.

The move to London will cost 36 traders in foreign currencies, state bonds and derivatives in Amsterdam their jobs although they will be allowed to apply for new positions in London.

Documents obtained by the FD reveal that some support staff jobs will also be affected by the move of the trading division to London.

ING admits the move seems strange in the light of Brexit, the FD said. Many banks, particularly those based in the US or Asia for example, face loss of access to the EU internal market when Britain pulls out.

However external advisers told ING that its position was different in that it is headquartered in Amsterdam and most sales operations – which will not move – are located in the country of its clients.

Waiting for more clarity over Brexit is not an option because its plan to cut costs by €200m largely depends on scrapping certain products and moving the financial markets operations to London, the bank said.

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