ING closing equities operations in Central, Eastern Europe, including Russia
LONDON. Oct 2 (Interfax) - ING is closing equities operations in Central and Eastern Europe, including in Russia, due to difficult market conditions, ING spokesman Adrian Simpson told Interfax.
The Dutch bank is closing Central and Eastern European equities operations in Hungary, Romania, the Czech Republic, Moscow and London, he said.
He said an exception is Poland, where the equities desk will remain open. ING will also keep its equity market desk in its key home market in the Benelux countries (Belgium, the Netherlands and Luxembourg), Simpson said.
Given these difficult and volatile market conditions, the bank needs to be very disciplined in managing costs and impose strict targets for every business unit, he said.
ING will cut 100 jobs as a result of the closures, with 40% of the cuts made at the London office.