Danske Bank cuts hundreds of jobs to add to Danish layoff wave

[COPENHAGEN] Danske Bank has eliminated 420 jobs across its regional operations, saying increased automation has reduced the need for staff in support roles.

Most of the job cuts will fall in Denmark and Lithuania, with smaller reductions in the lender’s other Nordic offices as well as in Poland and Northern Ireland, Danske said on Thursday (Feb 26). The affected roles are primarily in support functions that do not involve direct customer contact.

“Our increased automation and simplification efforts in recent years mean that many activities which previously required extensive manual work are now automated or supported by stronger tooling,” Danske said.

The reductions add to a wave of job cuts rippling through Denmark’s largest companies and deepens concern that layoffs may prove more than a temporary correction after years of expansion.

Pharmaceutical giant Novo Nordisk last year carried out 5,000 layoffs in Denmark, while AP Moller-Maersk has begun trimming corporate roles as part of plans to eliminate about 1,000 global positions.

Financial firms Nykredit Realkredit, Tryg and Nordea Bank have also been scaling back in the Nordic country in recent months. BLOOMBERG