Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
On 26 November 2020, Danske Bank announced that it will cut 257 jobs across group’s branches in Denmark, Norway, Sweden and Finland due to internal restructuring.
The layoffs are in line with the cost reduction plan announced in October, which includes discontinuation of up 1,600 positions over a period of 6-12 months. Under the cost-saving programme, Danske Bank plans to reduce operational costs, improve organisational effectiveness and carry out layoffs. Of the 257 layoffs, 155 are in Denmark, 41 in Finland, 35 in Sweden, 26 in Norway. In addition, the bank finalised voluntary redundancy terms with another 261 employees in Denmark.
The head of HR said the bank is to implement a transformation strategy to adapt to the structural changes that are happening in the financial sector.
Copenhagen-based Danske Bank, a major retail bank with more than 5 million retail customers, has been operating for more than 145 years. The bank employs around 22,000 employees, including 11,000 in Denmark.
Eurofound (2020), Danske Bank, Internal restructuring in World, factsheet number 102817, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/102817.