ING REIM to cut a fifth of UK staff

The real estate investment arm of ING, a Dutch insurance group, has revealed it will reduce its UK headcount by 20% in a bid to cut costs.

ING Real Estate Investment Management intends to cut approximately 20 percent of its UK-based staff, citing the ongoing deterioration in market conditions.

As public and private financial institutions globally announced job losses, ING announced a “cost review” of the firm had resulted in the need to make redundancies.

Talks were taking place with some of those affected, Oliver Bartrum, head of operations at ING REIM, said in a statement. Further details of the job cuts were unavailable.

Last month ING Real Estate’s Canadian arm reshuffled its staff leading to the departure of five senior professionals, including Paul Dykeman; chief executive officer, Craig Newell; chief finance officer, Lou Maroun; executive chairman, Kathy Harder; chief investment officer, and Jon Robbins; senior vice president of research and analysis. They will leave the firm in January.