COPENHAGEN, Sept 10 (Askume) – Norway’s biggest bank DNB (DNB.OL) said in a strategy update on Tuesday it would cut the equivalent of 500 full-time jobs over the next six months to reduce costs.
The bank, which had 11,000 employees at the end of 2023, according to its annual report, said in a statement that it was preparing for a future with low interest rates and tough competition to win customers.
CEO Kjerstin Braathen said: “DNB’s costs… are increasing because inflation is rising and regulatory requirements on banks are increasing. We believe that we should spend resources on small but big plans.”
The bank said it has been working in parallel with efforts to clarify its strategy since announcing in May that it was restructuring its structure.
“The measures the bank is implementing include centralising and streamlining staff and support functions,” it said.
