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Denmark – Financial crisis recovery leads to job losses

29 October 2013

Denmark’s central bank, Danske Bank, has announced that it will cut its workforce by approximately -10% as the need for extra resources created by the financial crisis fades, reports Bloomberg. The Copenhagen-based central bank will cut 55 jobs during the first quarter of 2015.

As Europe and the rest of the world emerges from the shadow of the global financial crisis, news of financial recovery has generally spurred job creation. However, the introduction of new technology solutions and lessening demand has had the opposite effect for Dankse Bank.

A statement on the company’s website read: “The extraordinary strain on the central bank’s resources that came with the financial crisis is diminishing. As a consequence the central bank has been able to reduce its resources.”

The statement comes after Danske Bank A/S, Denmark’s largest lender, saw profits rise by +46% in the second quarter after loan losses shrank, to reach a five-year high.  

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