Danske Bank reveals 500 job cuts and redundancies

Danske Bank has announced the termination of 257 jobs across its organisation, part of an ongoing cost-cutting plan.

Danske says its major transformation requires significant cost changes

On top of the 257 jobs cut, 261 employees at the bank have taken up voluntary redundancy. The bank says both are part of the discontinuation of up 1,600 positions planned over the next year.

Of the total 257 positions, 155 are in Denmark, 26 in Norway, 35 in Sweden and 41 in Finland.

“It is never easy to say goodbye to skilled and competent colleagues, and we are doing what we can to help the employees affected along as best possible,” says Karsten Breum, the bank’s head of HR.

“We are undertaking a major transformation to adapt to the structural changes that are happening in the financial sector.

“That requires us to reduce costs significantly, and sadly, we cannot avoid layoffs in this connection. We continue to look at all cost types and other measures to reduce the number of layoffs necessary.”

Earlier this week the Danish bank signed a new partnership agreement with AI firm Windward AI to bolster its compliance regime for maritime finance.

Danske is by no means alone in cutting jobs to make up funds. ING announced at the start of November that it would be terminating 1,000 roles and halting its digital banking expansion.

UK bank Lloyds also revealed this month that it would be cutting 1,040 roles in its back office.

Related: Virgin Money profits dive 77% as it braces for bad loans

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