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