ING Sells U.S. Investment Banking Unit

ING Group, the Dutch financial services giant, is selling the U.S. activities of its ING Barings investment banking unit to Dutch rival ABN Amro Holding for $275 million in a move that would mean the elimination of about 1,000 jobs. ING’s New York-based investment banking business had barely been profitable, ING Vice Chairman Michel Tilmant said. The 1,000 job cuts include 500 in London and 200 in the United States, ING said. More than 1,300 U.S. staffers will be able to keep their jobs under ABN Amro management, ING said. Based in Amsterdam, ING has operations in more than 65 countries, with a worldwide staff of about 100,000. Its key businesses are banking, insurance and asset management.