Dutch bank ING is cutting more than 35 people in its loan syndication, corporate finance, debt capital markets and money markets businesses, according to sources.
A spokesman for ING confirmed there will be cuts, mostly in London, but declined to give a specific number. He said the bank was reviewing activities to make sure they are economically viable as part of its Think Forward strategy.
“A limited number of colleagues will be potentially impacted by these changes,” the spokesman said.
He said the process was still underway.
“We have announced that we will take strategic measures in our advisory and debt capital market teams, in particular in our global franchise based in the UK, to further align with the ING wholesale banking strategy and streamline our governance structure to adapt to market circumstances,” he said.
Sources said Tim Kennedy, a DCM banker who focuses on emerging markets, was one of the affected people. ING declined to comment on individuals and Kennedy did not immediately respond to a request for comment via LinkedIn.
However, the changes will see the London-based CEEMEA debt capital markets team combined with the Western European corporates one that will cover corporates, financials and CEEMEA.
“We are categorically not pulling out of CEEMEA at all. We are simply adapting and simplifying the way we cover our clients across both regions,” said the spokesman.
ING joins a number of banks in cutting staff in recent months. European banks, in particular, are looking to cut costs to improve returns, while trading in debt markets was slow at the start to the year, denting hopes for a pick-up in 2019 after a tough few years.
ING has still not replaced its former head of global capital markets, Leo-Hendrik Greve, who left the bank in September. It is working on appointing a successor, said the spokesman.
In the meantime, Amin Mansour, global head of strategic products, will take on the role for a transitional period.
