ING Barings cuts e-business jobs

eFC logo

However, a source from outside the bank said: 'These people were not expecting to go. They were heavily engaged in business. They left mid-conference call.'

The most senior member of staff to go was Lars Gustavsson, global head of IT. His role will now be taken over by the bank's chief operating officer, operations and IT, Erik Dralans, who is based in Amsterdam. IT business manager Henrik Petersson was also made redundant, along with nine other staff in the operations and IT department.

A further three e-business jobs were cut. Matthew Hancock, business manager for the division following the departure of e-business head Richard Burroughs in January, was fired, as were two others, including Adam Franks. ING Barings e-business operation will now be run out of Amsterdam under Jacques Kemp, ING group head of e-business.

All IT and e-business development will now be centralised in Amsterdam.

A spokesman for ING Barings said, 'We made a number of redundancies last week as part of our on-going integration programme.'

In January, ING Group decided the integration of operations and IT, shared service centres, the elimination of ING Barings head office functions and alignment with ING support functions in Amsterdam would reduce operating costs by about €500m ($442.5m) a year.

Separately, following the completion of ABN Amro's acquisition of ING Barings in the US last week, a further 300 staff were axed. Amro said in January that 1,300 staff would transfer with the US domestic investment banking business, but a spokesman for ABN Amro confirmed 300 jobs were immediately cut following the completion of the acquisition, due to overlap in staff.

The US prime brokerage, corporate finance, domestic equities and derivatives businesses of the two banks have been integrated, with a reduction in headcount, mainly in the support functions, of approximately 1,000 globally.