Dutch Bank ING Moving Trading Jobs to London
Relocating talent to the UK to reduce costs
If you’re being asked to move overseas, what relocation benefits should you expect?
By: Christine Hall, GMS, Christine.Hall@Saunders1865.com
An internal memo released today revealed that Dutch bank ING is poised to shift roles in global equities, credit trading and support from Amsterdam to London. Like many other employers, the bank is taking advantage of the fact that the beautiful, vibrant city of London as suddenly become a much more affordable place to live.
The bank is looking to centralize activities and cites cost-cutting as a primary reason. ING started moving roles to London in 2016 as a part of a larger plan to reorganise its business. London has become a cheaper place to do business since the Brexit vote, when GBP dropped from $1.55 to $1.30.
If a hard Brexit becomes a reality in the days to come, ING has not shut down the option to reverse the flow of employees from the EU to London. Chief Executive Officer Ralph Hamers cited that ING, “Would probably have to review our activities” once the details on Brexit are revealed if passporting rights were lost.
One thing is crystal clear. Brexit is fuelling a big surge in the international relocation of talent both to and from the UK. And to persuade employees to move, employers must provide relocation support that meets the needs of the individuals and families that they are asking to move overseas.
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If you are responsible for relocating senior executives internationally, or if you yourself are being relocated, discover how top global banks support the families they move overseas. What relocation benefits do they provide and which support programs do senior executives expect?
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