THERE was further sign of retrenchment in the City’s financial services sector yesterday as ING Bank, which employs around 900 people in London, announced that it is closing its emerging markets equities business.
ING, which acquired much of its expertise in eastern Europe when it bought Barings in 1995, is closing all its central eastern European and Russian equities businesses apart from Poland, where the firm has a brokerage. There will be around 100 roles affected by the closure, 60 of which are in London. ING is also shedding around another 30 corporate finance jobs.
The group said that the eastern European and Russian markets had been depressed for sometime and were experiencing a sustained downturn. “We need to manage our cost base carefully,” said a spokesman.
ING will keep its equity markets desk in the important core franchise of the Benelux countries – Belgium, the Netherlands and Luxembourg.