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Barclays to cut 750 ING Direct roles

Barclays is making 750 ING Direct staff roles redundant after it acquired ING’s mortgage and savings books.

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In April, Mortgage Strategy’s sister title Money Marketing revealed Barclays had placed the staff on a 90-day consultation, after completing a deal to acquire ING’s £10.9bn deposit book and £5.6bn mortgage book in February. The consultation ended last week and staff have been informed.

Barclays has confirmed the staff will leave in batches over the next 18 months. It says it will try to offer staff roles in other parts of the bank, where possible.

The bank will integrate both ING Direct books, which are now known internally as Barclays Direct, into its existing retail banking business over the next 24 months.

A Barclays spokeswoman says: “We have been undertaking a consultation following the acquisition of ING Direct last year as part of the integration of that business into Barclays.

We have now confirmed to these employees that their roles will be falling away as part of the long-term integration plans for the business. We are working closely with them all to provide extensive support including redeployment opportunities wherever possible.”

ING, which has around 1.5 million customers in the UK, stopped taking new mortgage applications in the UK on 5 March.

The provider only offered its products direct until April 2010, when it launched a pilot with Legal & General Network to distribute its mortgage products. The lender operated through intermediaries from that point on.

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  • Tom Cleary 27th June 2013 at 4:38 pm

    Terrible shame. When ING came into the intermediary space, there were a genuine breath of fresh air. A really good lender that were the perfect anti-HSBC measure. They built a solid book on sound lending and had really good staff. They then sold their soul to the Devil and look what happens…

  • Sil 27th June 2013 at 2:44 pm

    Will be happening in Canada soon