Netherlands based ING bank has decided to shut down its Central and Eastern European equities operations, subsequently slashing nearly 130 corporate banking jobs in London.
Commenting on the company’s plan, ING UK head of corporate communications Adrian Simpson told Reuters, "Market conditions remain challenging, we need to ensure the bank remains efficient and competitive."
The Dutch company is also considering closing its Moscow equities desk, further axing 30 employs in corporate finance, mostly in ING’s London offices.
The bank will continue to operate its equity markets desk in the "important core franchise" countries including Belgium, the Netherlands and Luxembourg, Simpson said.
Dutch banks have been reducing jobs and offloading their overseas operations to repay the government for bailout package, they received in the wake of the 2008 financial crisis.
ING Group received an aid of €10bn ($12.87bn) from the Dutch government, and has been ordered by the European commission to reduce its balance sheet by 45% before the end of 2013.