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Business

Danske Bank cuts jobs as it streamlines its corporate department

Workers dealing with currency and bonds will be the worst affected


Some 150 jobs will be affected by the one billion kroner plan that the bank launched last year to make it more competitive (Photo: Colourbox)

May 27, 2014
19:28

by CW


Danske Bank has decided to brandish its streamlining knife and cut 75 jobs from its Corporates & Institutions department (C&I), according to FinansWatch business media.

Moreover, a further 75 jobs will be cut as part of the one billion kroner streamlining plan that the bank launched last year in a bid to make the bank more competitive.

”We have undergone a number of large investments into C&I in order to offer our customers a complete platform,” Glenn Söderholm, the head of C&I, told FinansWatch.

“What we are doing today is fitting the platform to the business environment we operate in. There are areas where we are seeing a decline in demand with our customers and we need to react to that.”

READ MORE: Danske Bank gets credit rating upgrade

Customers going digital
The job cuts will in particular occur in the areas that the bank has experienced dwindling activity such as currency and bonds, where customers are increasingly using digital solutions for their needs.

The redundancies among the 1,500 employees in the C&I departments will mostly take place in the Nordic areas, London and Ireland.



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