Barclays has placed around 750 ING Direct staff on consultation after completing its acquisition of the firm’s £10.9bn deposit book and £5.6bn mortgage book.
Barclays 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, meaning there will be duplicate roles.
Money Marketing understands all 686 ING Direct employees that moved across to Barclays following the deal have been put on a 90-day consultation, which began on 18 March.
It is understood Barclays will try to find roles for those affected elsewhere if possible. It is not yet known how many roles will go or how the cuts will be split between the lender’s deposit and mortgage departments.
Barclays declined to comment on the move.
London & Country associate director of communications David Hollingworth says: “This is sad news. ING Direct has proven it has real quality, in the front and back office staff, so I am not surprised to hear Barclays would like to retain some of the staff.”
In August, ING announced it was leaving the UK’s retail banking sector following a review of its business, with the Barclays deal announced in October. The deal was concluded at the end of February.
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.