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 … Read the rest

From Cardiff shops to Hermes hubs, the UK has its Covid Black Friday

Covid rules fail to thwart record parcel traffic at Hermes in Hemel Hempstead or shoppers thronging the Welsh capital

As the Welsh government was setting out a grim set of Covid-19 statistics and explaining why new restrictions in the hospitality and entertainment sectors across Wales are needed, tens of thousands of people had flocked to Cardiff’s Queen Street to grab Black Friday bargains and stock up on Christmas gifts.

“We’re about halfway through our shopping,” said Adelheid Howells as she and daughters, Emily, Megan and Summer caught their breath, guarding an impressive collection of carrier bags.

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Bloomberg reporter Pager to join Politico

Tyler Pager will join Politico as a White House correspondent covering the Biden administration. Previously, Pager worked as a national political correspondent for Bloomberg. Prior to that, he was a James Reston reporting fellow...

The post Bloomberg reporter Pager to join Politico appeared first on Talking Biz News.

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

Virgin Money, the UK’s sixth largest lender, has suffered a 77% drop in pre-tax profits to £124 million this year due to its half a billion-pound worth bad loan charge.

This has resulted in a statutory loss after tax of £141 million.

Before impairment charges, Virgin Money’s underlying profit stood at £625 million

The company, which initially planned for an impairment charge of £232 million, has now upped this figure by £501 million to a staggering £735 million.

David Duffy, Virgin Money’s CEO, says the “results reflect a cautious and conservative approach to the coming period”.

Despite being unable to measure the true impact of the pandemic on its loan balance sheet, the firm is still preparing for borrowers not being able to repay their loans.

The CEO is not convinced the recent vaccine news is enough to guarantee immediate economic recovery, with restrictions still in place for the immediate … Read the rest