ING Group button lipped over job cuts

The
ING Group has refused to comment on reports that it is set shed hundreds of
jobs from its London investment banking operation.

It
was reported by the Financial Times that the Dutch banking and insurance group
is to lose at least 1,100 jobs in its investment banking operation outside the
US, with most of the cuts expected at ING Barings in London’s financial centre.

The
Financial Times claimed the job cuts would enable the group to cut costs and
raise profits at ING Barings.

It
was also claimed that some 1,400 ING staff are expected to go to ABN Amro,
ING’s Dutch rival, which is in negotiation to buy large parts of ING’s American
investment banking operation.

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A
spokesman for the ING Group would not comment on the proposed job cuts.

By
Ben Willmott