ING To Cull 1,000 At Investment Bank

Bloomberg reports that ING has confirmed that it is to cut 1,000 jobs at its ING Barings investment banking unit. The latest cull represents about 5% of its investment banking workforce.

ING Barings has already shed around 700 jobs in the last 12 months or so. The ING Group reported a 28.5% drop in third quarter net earnings last week to $850m. The Group still expects to hit its 2002 full year earnings target.

The cuts at the investment bank are expected to be limited to positons outside the Netherlands and Belgium.

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