ING Barings chief quits after only five months

THE CHIEF executive of ING Barings, the investment banking arm of Dutch financial services group ING, quit yesterday after only five months in the job. The bank, which has been hit by recent high-level defections from its corporate finance department, said ING chairman Marinus Minderhoud would take over responsibility for the investment bank until a replacement was found for Arjun Mathrani, who joined from Chase Manhattan.

Banking sources said Mr Mathrani's departure was described in an internal staff memo from Mr Minderhoud as the result of Mr Mathrani's differing views on "certain management issues including matters relating to the organisation of our investment banking activities in Western Europe". The sources said the resignation underlined questions over the direction of ING's investment banking operation, whose future has been the subject of media speculation.