Denmark-based Danske Bank has laid-off nearly 230 employees as part of its plan to cut costs and make significant investments in digitisation.

The bank announced its plans to discontinue 400 positions across the group, primarily those in staff and back-office roles.  As it could not find new positions for all impacted employees, around 230 employees have been laid off.

Danske Bank HR head Karsten Breum said: “It is not easy to say goodbye to skilled and dedicated employees, but, regrettably, it is a necessary part of our efforts to reduce costs in order to ensure that we remain competitive.”

The bank has laid off about 120 employees in Denmark, 60 in Finland, 44 in Lithuania, and less than 10 in Sweden and Norway each.

It layoffs do not affect customer-facing units except for Finland where retail banking operations are being restructured.

Danske Bank’s compliance functions are also not affected by the redundancies.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

About 60 employees in Denmark, who signed voluntary redundancy agreements with the bank, will also leave their jobs in the coming months.

Breum added: “As part of our efforts, we also have to look at the number of employees.

“This is why we introduced a hiring freeze last year and offered voluntary redundancy agreements in certain parts of our organisation in Denmark in January.”

In October last year, the bank began hiring freeze to cope with increasing compliance costs.

Last month, as many as 2000 employees have been offered to sign the voluntary redundancy agreements.