ING Sheds LatAm Jobs

ING has shed jobs across its LatAm trading, research and DCM groups as the bank moves to comply with Basel III rules and set aside money for capital requirements, says a person with knowledge of the situation. Approximately 20 odd employees are heard being let go in New York and to a lesser extend in Mexico. While the cuts are seen reflecting the diminishing importance of LatAm for the Dutch bank, ING isn’t retrenching altogether. It has kept some research, sales and some DCM people on board, including some in Brazil, and will continue to focus on local currency and interest rate products in LatAm. Its EM hard currency business, however, is being abandoned.