(Bloomberg) — 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.



a person standing in front of a building: Pedestrians pass a Danske Bank A/S bank branch in Aalborg, Denmark, on Monday, Sept. 14, 2020. Denmark is re-introducing a number of coronavirus-related restrictions following the worst spike in infections since the height of the pandemic.


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Pedestrians pass a Danske Bank A/S bank branch in Aalborg, Denmark, on Monday, Sept. 14, 2020. Denmark is re-introducing a number of coronavirus-related restrictions following the worst spike in infections since the height of the pandemic.

Copenhagen-based Danske says the cuts are necessary to save money amid spiraling compliance costs and long-term negative interest rates.

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“It is never easy to reduce the number of colleagues, and we will do our best to ensure that we do this in the most decent and respectful way,” Chief Executive Officer Chris Vogelzang said. “However, we need to adapt to the structural changes that the financial sector is experiencing.”

“We simply have to reduce our

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COPENHAGEN (Reuters) – Danske Bank

helped Deutsche Bank

facilitate suspicious trades worth over $600 million through its branch in Lithuania between 2012 and 2015, Danish media outlets reported on Thursday.

The reports, by newspapers Berlingske and Politiken and public broadcaster DR, cited leaked documents from Deutsche Bank obtained by the German daily Suddeutsche Zeitung and later shared with the International Consortium of Investigative Journalists (ICIJ).

The documents appear to show that Deutsche Bank moved around 4 billion Danish crowns ($627 million) in so-called mirror trades through Danske Bank in Lithuania, the Danish outlets reported.

Deutsche Bank declined to comment, and Danske Bank said it could not comment on specific matters due to ongoing investigations by authorities.

In 2017, Deutsche paid a $425 million fine in the United States over a mirror trading scheme, which moved $10 billion out of Russia between 2011 and 2015.

Mirror trades – for instance, buying

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NEW YORK (Reuters) – A U.S. judge on Monday dismissed a lawsuit accusing Denmark’s Danske Bank A/S and four former top executives of defrauding shareholders by hiding and failing to stop widespread money laundering at its former Estonian branch.

FILE PHOTO: A view of the Danske bank headquarters in Copenhagen, Denmark October 22, 2019. REUTERS/Jacob Gronholt-Pedersen

U.S. District Judge Valerie Caproni in Manhattan said shareholders in the proposed class action failed to sufficiently plead that the bank improperly reported revenue derived from money laundering or downplayed its supervision failures.

She also said the plaintiffs, led by four pension funds in New York and Massachusetts, failed to show that Danske acted recklessly or with conscious disregard that its statements were false and misleading.

“They allege in a conclusory way that defendants and employees of (Danske) received reports contradicting public statements, and fail to connect any of those reports to specific representations

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NEW YORK (Reuters) – A U.S. judge on Monday dismissed a lawsuit accusing Denmark’s Danske Bank A/S and four former top executives of defrauding shareholders by hiding and failing to stop widespread money laundering at its former Estonian branch.

U.S. District Judge Valerie Caproni in Manhattan said shareholders in the proposed class action failed to sufficiently plead that the bank improperly reported revenue derived from money laundering or downplayed its supervision failures.

She also said the plaintiffs, led by four pension funds in New York and Massachusetts, failed to show that Danske acted recklessly or with conscious disregard that its statements were false and misleading.

“They allege in a conclusory way that defendants and employees of (Danske) received reports contradicting public statements, and fail to connect any of those reports to specific representations by specific persons,” Caproni wrote.

The plaintiffs had sought damages for investors who lost money in Danske’s

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