CEO David Robins and his deputy quit ING Barings
Amsterdam: David Robins, CEO and managing board member and his deputy Malcolm Le May have quit ING Barings corporate and investment bank, an official statement from the ING Group has stated. The exit of two senior level executives followed the announcement last November by the ING group to review its investment banking operations, hiring of Goldman Sachs to explore options for ING Barings US arm and folding the unit’s European operations into a wholesale bank..

Except for asset management services, which have done exceedingly well, Barings have posted huge loses, especially in 1998, which is widely believed to have wiped off the profitability of the parent company, eventually resulting in current review of its merchant banking operations.

ING had bought Barings in 1995 after Singapore-based trader Nick Leeson piled up huge derivatives losses and caused bankruptcy of one of Britain’s oldest merchant bank
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