One of the biggest insurance conglomerates in Europe is bucking the industry trend by planning to move jobs out of mainland Europe and into London.
According to a Bloomberg
report, quoting a person with knowledge of the plans, ING will move 60 trading jobs from Amsterdam and Brussels into the UK capital as it looks to consolidate operations and cut costs.
The confidential plans also reportedly include closing its equity derivatives business for financial institutions in Brussels, Singapore and New York.
ING is the first large lender to move staff to London following the Brexit decision that has prompted many companies to consider the UK’s future as a financial hub. Earlier this week in a conference, financiers warned about potential moves if Prime Minister Theresa May is unable to secure access to the single market.
The person who spoke to Bloomberg
outlined that ING may review its location in the future if Brexit undermines its ability to attract employees or otherwise affects business.
It was announced earlier this month that ING plans to reduce about 11% of its workforce
– around 5,800 jobs – as it looks to step up its digital transformation.
ING, major lender and insurance conglomerate, to slash jobs