Jyske Bank has decided to cut 177 full-time positions in a bid to streamline its operation to 4,000 full-time employees, it announced in a press release.
The bank blamed low activity, declining loan volumes and the consolidation of positions due to the merger with BRF Kredit for needing to trim away employees.
“Several positions will cease immediately, which will unfortunately lead to the laying off of 92 employees,” the bank stated in a press release. “The rest of the reductions will occur via planned pensioning and internal reshufflings over the course of this year.”
More to come
Jyske Bank had 4,444 full-time employees at the end of May this year, so aside from the 177 full-time positions announced today, a further 267 full-time jobs are on the chopping block in the future.
The bank also revealed that it intends to merge its department in Løkken with the branch in Brønderslev, while the branches in Sakskøbing and Rødby will be merged with the department in Maribo.
In late April, Jyske Bank posted quarterly profits that were well below expectations.