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ECB orders ING to return London trading jobs to EU - report

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By Reuters
ECB orders ING to return London trading jobs to EU - report
FILE PHOTO: The logo of ING bank is pictured at the entrance of the group's main office in Brussels, Belgium September 5, 2017. REUTERS/Francois Lenoir/File Photo   -   Copyright  Francois Lenoir(Reuters)

AMSTERDAM (Reuters) – ING Groep, which consolidated trading jobs from Amsterdam and Brussels to London in 2016, faces pressure from the European Central Bank to return them to continental Europe, daily Het Financial Dagblad reported on Monday, citing sources familiar with negotiations between the bank and the regulator.

The Dutch bank, which surprised many with a decision to move the jobs in bonds and currency trading to London against prevailing trends could not immediately be reached for comment.

ECB regulators were worried that when Britain exits the European Union, some traders at the bank, which is considered systematically important, would be left with no access to European financial markets, the Financial Dagblad report added.

Regulators see the concentration of the bank’s risk managers in London as an additional problem, the paper reported.

(Reporting by Toby Sterling, Editing by Sherry Jacob-Phillips)