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.