Danske Bank to Cut 1,600 Jobs to Reduce Costs
Pedestrians pass a Danske Bank A/S bank branch in Aalborg, Denmark.
Photographer: Cathrine Ertmann/BloombergThis article is for subscribers only.
Danske Bank A/S plans to cut 1,600 jobs -- more than 7% of its entire workforce -- in a cost-saving maneuver that pushed its stock higher but drew dire warnings from staff representatives.
Copenhagen-based Danske says the cuts are necessary to save money amid spiraling compliance costs and long-term negative interest rates.