ING Barings has made its first hire at managing director level since the bank's big shake-up in January.

The bank has recruited Thomas McCaughey, who had previously been at Prudential Securities in New York and before that with Salomon Smith Barney and Donaldson, Lufkin & Jenrette. He will be a generalist corporate financier, working in London on both originating and executing mergers and acquisitions and equity capital markets deals. Although McCaughey had been based in New York, he had worked with a number of European clients, the bank said.