ING CEO says company losing staff to competitors over pay restrictions - by Maarten van Tartwijk

Dutch financial services group ING Group NV's (ING) Chief Executive Officer Jan Hommen said Monday the company is losing staff to competitors because of pay restrictions imposed on banks that received state aid at the height of the financial crisis.

He said some staff are being tempted away by banks that didn't get state aid and that are therefore able to offer more lucrative pay deals.

"A number of financial companies that haven't received state aid are taking a lot of freedom in payments and are doing so very energetically," Hommen said. "From time to time we lose people." Hommen said ING is also vulnerable to staff losses because of plans to split its banking and insurance businesses. ING agreed to a drastic restructuring plan late last year in return for receiving state funds, that involves the disposal of a large portion of its assets, including its insurance business.

For more: ING CEO Says Losing Staff To Competitors Over Pay - WSJ.com