Danske Bank has closed its fixed-income trading desk in Dublin, resulting in six job losses in the Irish capital, the Irish Times reports.
The department had been largely involved in selling Irish government bonds, but this part of the bank’s activity will be transferred to Copenhagen.
The bonds had been traded in great volume at the height of the financial crisis, the paper writes, as yields soared above 14 percent. Yields have since fallen to record lows and trading has dropped accordingly.
Danske Bank is downsizing the overall size of its operation in Ireland. The Irish Times reports that the head count in Dublin will be reduced by 15 — of a total 48 staff currently employed there.