ING Barings, the former investment banking division at ING, the Dutch financial services group, made a return on capital of less than 1% last year, underlining why its parent pulled the plug on the firm less than five years after buying it.

ING's annual results give the first full explanation of why ING decided this year to wind down ING Barings and fold it into the rest of its banking business in Europe with the loss of over 1,000 jobs.