More job losses at ING expected

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The Independent Online
JOB CUTS at ING Barings, the investment bank, may exceed the 1,200 announced earlier this month, ING's chief financial officer Cees Maas said yesterday.

The bank, which has been hit by large losses in emerging markets, is also in discussions with regulators and clients in Latin America about scaling back some of its branch operations there to representative offices.

David Robins, the new head of ING Barings who has just joined from rival UBS, is carrying out a full-scale review of the business and is expected to announce a major overhaul in the firm's chaotic structure next month.

Mr Robins replaced Marinus Minderhoud, who resigned as ING Barings chairman three weeks ago.

Mr Maas said yesterday that the firm is now in the process of reducing costs in the emerging corporate and investment banking business market by 25 per cent and that 1200 jobs had already gone.

"That figure may go up in the next couple of months," he said without elaborating further.