Brexit prompting ECB pressure on ING jobs in London: Report

Ralph Hamers, ING
Ralph Hamers took over as CEO at ING in 2013. (ING Group)

The European Central Bank is concerned about Dutch bank ING's ability to handle a hard Brexit, according to a report in FD. Sources told the financial newspaper that ING is being pressured to at least partially roll-back a 2016 decision to move dozens of trading desk staffers to their large office in London.

The new concern is that ING will lose access to some financial markets if Brexit continues to progress.

ING went ahead with the staff shuffle despite the results from the UK referendum on Brexit. Roughly 100 jobs were moved to the London office. The bank said the maneuver would help it save €200 million annually.

About half of those jobs could come back to Amsterdam, but they could also be shipped to Frankfurt, Germany, according to reports.

The bank refused to comment specifically about pressure from the ECB at this time, according to NOS. However, ING did say they always left the door open to make further adjustments as the picture around Brexit became clearer.

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