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.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

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.

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.

The direct costs
relating to the conversion are now estimated to amount to around
DKK180m.