Danske Cuts Technology Jobs as Bank Searches for `Right Mix'

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Danske Bank is cutting 46 positions, most of them in technology, as Denmark’s biggest lender adjusts its operations to cope with the post-crisis landscape.

“We continuously adapt our organization,” Kenni Leth, a spokesman for the bank, said by e-mail on Monday. “We must always ensure that we have the right mix of skills across countries and business areas.” But there should be “no doubt that IT and IT development remain key areas for Danske Bank,” he said.

Danske employed about 19,000 people at the end of last year compared with almost 24,000 in 2008. The Copenhagen-based bank spent 43 percent more on severance pay last quarter -- or 409 million kroner ($60 million) -- compared with a year earlier, according to data from its website.

Danske revealed its job cuts the same day that PFA, Denmark’s biggest commercial pension fund, said it will fire 63 employees, who mostly held technology and operational functions. At the same time, the fund is seeking to hire more specialist portfolio managers, Chief Executive Officer Allan Polack said.