Simon Joseland

Simon Joseland

Simon writes for FinBuzz about people, deals, notorious M&As, and all things finance.
Simon Joseland

ING bank will likely layoff a significant number of London staff members if the United Kingdom decides to withdraw from the European Union, the so-called Brexit, CEO Ralph Hamers said to Bloomberg.

Hamers’ statement follows similar statements from HSBC Plc and other British financial institutions.

“If some of the mega banks, the market banks, leave London, we will go with the flow”, Hamers said in an interview with Bloomberg. “Either the circus of the financial markets is located in London or its going to be somewhere else.”

According to Hamers, a Brexit would be “bad news for the EU, bad news for business”, because London “attracts a lot of talent, not only English talent but also international talent.”

ING runs global investment banking and emerging markets operation from London. The bank has about 650 employees in the city.

Major Britain’s banks, including Lloyds Banking Group, think their business would suffer if the UK chooses to leave the European Union, a survey by the British Bankers’ Association (BBA) has shown. The upcoming referendum could also potentially impact the timing of the Lloyds retail share sale, which was put on hold earlier this year on account of the ongoing market volatility.

The BBA, whose members include Lloyds, published its membership survey on the EU referendum yesterday, saying that almost 60 percent of the banks that took part in it believe that Brexit would have a negative impact on their organisation, with 26 percent saying the impact would be significant. Of those who had a position, 98 percent said the UK remaining in the EU was in the bank’s best interest.

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The United Kingdom is holding a referendum on the Brexit on June 23rd.

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