LONDON – Dutch bank ING will move 43 trading jobs from Amsterdam to London as part of a cost-cutting drive, Bloomberg News reported.
The bank will move roles in areas such as global equities, credit trading, and trading support, Bloomberg said, citing an internal memo, in a push to centralize activities in London.
The move is notable because it comes at a time when most banks are considering relocating roles out of London because of fears about Brexit.
ING began to move jobs to London last year as part of a wider plan to streamline its business and cut more than 5,000 staff.
London has become a relatively cheaper place to do business since the 2016 Brexit referendum, which saw the Pound plunge from $1.55 to below $1.30.
But the referendum also brought with it uncertainty over London’s future as Europe’s most important financial centre. Prime Minister Theresa May’s government has raised the possibility of a so-called “hard Brexit,” which prioritises immigration control over membership of the European single market.
Such a move would also lead to the automatic loss of the City of London’s EU financial passport, without a transition period to a new regime of rules.
Brexit is already having an effect on London jobs. In April, the number of new available jobs listed in the UK’s financial sector fell by 15% to 6,855, according to a survey by Morgan McKinley.
The number of people seeking jobs also dropped by a huge 49% from April 2016, while month-on-month the number of fresh open positions decreased by 16%.
ING has left the door open to reverse its strategy. Bloomberg cites ING Chief Executive Officer Ralph Hamers as saying the bank “would probably have to review our activities” as the effects of Brexit become clearer.