[ by Howard Haykin ]

ING Groep NV, the biggest Dutch financial-services company, will eliminate about 130 jobs as it closes its emerging European equities operation to focus on Belgium, the Netherlands, and Poland.  The cuts will include some 100 analysts, salesmen, traders, and sales-traders, with as much as half of the cuts taking place in London.  The remaining 30 positions will be eliminated from corporate finance positions - mostly ones focusing on eastern Europe.

The Amsterdam-based firm is trying to reduce costs as the European sovereign debt crisis crimps the pace of mergers and stock trading in the region.  Costs as a proportion of income at ING’s financial markets unit, which include the equities division, climbed to 75% in the first half – up from 59% in the year-earlier period.  Profit at the operation shrank to €100 million ($129 million) in the period from €235 million.

ING is separately selling its insurance unit before the end of 2013 to meet European Union conditions after it received a government bailout in 2008 and 2009.

For further details, go to:  [Bloomberg, 10/1/12].