ING is repatriating 45 trading jobs to Brussels as a result of Brexit.
In 2016, ING moved a significant part of its trading room to London. But after Brexit, the Dutch bank began to consider the need to send its traders back to mainland Europe.
ING has now decided to transfer some of the commercial activities of its Financial Markets department from London to Brussels. “After Brexit, the European Central Bank will classify the United Kingdom as a non-EU country (a third country),” the bank stated. “As a result, ING should relocate a number of European Union-related commercial activities to a location within the European community. Brussels was chosen because of its existing infrastructure”.
30 traders and around 15 risk manager positions are affected. Before the restructuring in 2016, the Belgian trading room employed more than 300 people.