Wave of bank closures on the horizon

Broken business models continue to cost Danish banks their lives, even after the worst of the recession has ended, predict a number of industry insiders.

“We’re in no way done with structural readjustment,” John Fisker, the managing director of Rinkjøbing Bank.

With bank customers depositing increasingly less money, banks find themselves with less need for income-earning services.

Banks, then, respond by cutting services. And that cycle is unsustainable, according to Fisker.

There are currently 88 banks in Denmark. Fisker predicts that there will be 50 left by 2020. Since the financial crisis broke out in 2008, 53 Danish banks have buckled under.

Erhverv & Økonomi

This story was included in The Copenhagen Post's Morning Briefing for Monday, September 23. If you would like to receive stories like these delivered to your inbox by 8am each weekday, sign up for the Morning Briefing or one of our other newsletters today. 





  • How internationals can benefit from joining trade unions

    How internationals can benefit from joining trade unions

    Being part of a trade union is a long-established norm for Danes. But many internationals do not join unions – instead enduring workers’ rights violations. Find out how joining a union could benefit you, and how to go about it.

  • Internationals in Denmark rarely join a trade union

    Internationals in Denmark rarely join a trade union

    Internationals are overrepresented in the lowest-paid fields of agriculture, transport, cleaning, hotels and restaurants, and construction – industries that classically lack collective agreements. A new analysis from the Workers’ Union’s Business Council suggests that internationals rarely join trade unions – but if they did, it would generate better industry standards.

  • Novo Nordisk overtakes LEGO as the most desirable future workplace amongst university students

    Novo Nordisk overtakes LEGO as the most desirable future workplace amongst university students

    The numbers are especially striking amongst the 3,477 business and economics students polled, of whom 31 percent elected Novo Nordisk as their favorite, compared with 20 percent last year.