Jyske Bank, Denmark’s
second-largest independent bank, is to reduce its branch network
and slash jobs as part of its plans to reduce costs by DKK400m
($73.5m).
Jyske is to reduce
headcount by 250, around 6% of its total workforce, and close 6
branches, reducing its branch network to 108 outlets.
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The network totaled 119
units 3 years ago.
Jyske CEO Anders Dam
said:
“We
take action now because we cannot go on justifying rising costs
when the market is still shrinking and revenue is levelling
off.”
Dam said that Jyske’s
ongoing IT transformation programme – the lender is converting its
IT systems to Denmark-based supplier Bankdata – will contribute
annual savings of about DKK200m annually by 2013.
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By GlobalDataThe direct costs
relating to the conversion are now estimated to amount to around
DKK180m.
