ING bank to shut equities ops in East, Central Europe, cut 130 jobs
October 3, 2012, 12:06 am TWN
MOSCOW--Dutch bank ING is closing Central and Eastern European equities operations and scrapping corporate banking jobs in London, with the loss of around 130 jobs, the company said on Monday.
"Market conditions remain challenging, we need to ensure the bank remains efficient and competitive," said Adrian Simpson, ING's UK head of corporate communications, confirming market talk of 100 jobs losses in Eastern Europe.
The equities desk in Moscow will also be closed, Simpson said.
An additional 30 cuts will be made in corporate finance, mostly in ING's London offices, the company said.
ING will keep its equity markets desk in the "important core franchise" of the Benelux countries — Belgium, the Netherlands and Luxembourg, Simpson said in a statement emailed to Reuters.
Its Polish equity market operation also remains open.