INGA ING Groep NV

AMSTERDAM—Just as banks are looking to move staff out of London after Britain's decision to leave the European Union, ING Groep NV is moving in the opposite direction.

The Dutch bank plans to move 50 to 60 trading jobs to London from Amsterdam and Brussels in an effort to concentrate its trading activities, including its foreign-exchange business, it said Thursday.

The plans are part of a wider cost-saving initiative that will result in 7,000 job losses in the coming years.

The move comes as many banks are rethinking their presence in London after Britain's vote to leave the EU. Many have warned they would relocate operations and staff to other European cities if the U.K. cuts its ties with the EU without trade and financial agreements in place.

An ING spokeswoman said it is too early to make any decisions in response to Brexit as long as it is unclear when and how the U.K. would eventually leave the bloc.

"In case of a 'hard' Brexit with far-reaching consequences, we will have to think about a logical next step," she said. "But for now, London remains an important financial center with a large talent pool for financial specialists."

The decision to move the jobs to London wasn't driven by tough rules on bankers' bonuses in the Netherlands, she added.

ING is a relatively small operator in London compared with big investment banks like J.P. Morgan Chase and Goldman Sachs Inc. It has around 650 staff, of which around 130 now work in its dealing room.

Last month, the bank opened a new office which it called a sign of its "continued commitment to the City of London." ING established its presence in London through the 1995 acquisition of Barings Bank.

Write to Maarten van Tartwijk at maarten.vantartwijk@wsj.com

(END) Dow Jones Newswires

October 13, 2016 07:45 ET (11:45 GMT)

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