Layoffs Next as ING Outsources to IBM

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ATLANTA—The $600 million, seven-year IT outsourcing deal that ING U.S. Financial Services signed with IBM will result in 140 layoffs and 300 job transfers, officials tell TTW, which broke the outsourcing story last month (TTW, Nov. 3).

Approximately 20 of the jobs that will transfer to IBM are in support of trading activities, mostly centered on treasury trading and an equities broker-dealer unit in Torrance, Calif., says Paul Donovan, CIO for ING in the U.S. “Most of our trading operations

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