ING is relocating some of its Financial Market trading operations from London to Brussels
ING is moving some of the trading operations of its Financial Markets department from London to Brussels. Following Brexit, the European Central Bank (ECB) will classify the UK as a non-EU or third country. As a consequence, ING is expected to move a number of EU-related trading operations to a location within the EU. Brussels has been chosen as a location because of its existing infrastructure.
The measures will impact approximately 30 trading jobs and approximately 15 related risk management roles, related to various products, including interest rate derivatives and bonds. These operations will be transferred to the existing dealing room at ING in Belgium’s head office in Brussels, where the Financial Markets department currently employs around 80 FTEs.
Today, the affected departments were informed of the measures in outline and the implementation of the plan will be started as soon as possible.
In 2016 and 2017, ING merged a number of trading operations from London, Amsterdam and Brussels into a single department in London. Some of the operations now being relocated to Brussels had been carried out in London before the merger.
The proposed changes by no means dilute the importance of the UK as one of ING’s major Wholesale Banking hubs. The UK centres of expertise, including Financial Markets, support ING’s clients and its teams in other countries and regions across the globe. The current 750-strong UK team will continue to be an important pillar for ING.