Exit from futures and options trade puts 64 out of jobs at ING Barings

The closure of ING Barings' futures and options operations will result in 64 job losses in Asia, although the bank has already helped negotiate the transfer of 17 floor traders to a Singapore trading house.

The Singapore operations, with 22 floor traders, had the biggest job losses. In Hong Kong, ING confirmed yesterday, seven traders will lose their jobs but the closure could take a few months.

The decision to close the London and Asian operations followed the sale of the group's Chicago-based futures business to ABN Amro in January.

It came as 'no surprise' to former employees, who said the the culture clash between former Barings employees and their new Dutch bosses was more pronounced in the high-risk futures division.

'I'm not shocked,' said a former senior executive in the Asian futures operations. 'The more aggressive industry [ex-Barings] players in the business were gone, [and] there was no one to speak up for keeping the business.'

Barings was sold to ING after rogue derivatives trades by Nick Leeson brought down the British banking group.