Dutch Bank ING said to shut equity derivatives business in Singapore

It's the first large European lender moving staff to UK post-Brexit.

ING Groep NV will move as many as 60 trading jobs from Amsterdam and Brussels to London as the biggest Dutch lender seeks to consolidate operations and cut costs, a person with knowledge of the plans said.

The company also plans to shut its equity derivatives business for financial institutions in New York, Singapore and Brussels, said the person, who declined to be identified as the plans were confidential.

ING is the first large European lender shifting staff to London after the U.K. decided to leave the European Union in a June referendum. Other banks have signaled they may have to move jobs and operations abroad, with UBS Group AG Chief Executive Officer Sergio Ermotti saying last month the Swiss lender may have to shift as many as
1,500 positions elsewhere.

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