* Danske to make 75 redundancies, cut further 75 roles
* Weak margins, regulation take toll on banks
* Fixed income, currencies, capital markets hit
(Adds quote, background)
By John Geddie
LONDON, May 29 Denmark's biggest listed lender
Danske Bank will cut 150 positions from the
corporate and institutions division of its investment bank in a
bid to reduce costs, a spokesperson for the bank said on
Struggling in the face of increased regulation since the
financial crisis, weak margins and the move towards
machine-driven electronic trading, banks have been cutting back
staffing on trading floors across major financial centres.
Danske said its latest cuts are part of a pledge made by
Chief Executive Thomas Borgen last year to make a billion crowns
of cost savings, and come on top of thousands of job cuts
announced in recent years.
"A process has started of letting around 75 people go across
its geographical markets," the Danske Bank spokesperson said.
"In addition to this, we are reducing a similar number of
positions by relocating employees within the bank, voluntary
exits and not re-staffing open positions."
The cuts will impact the bank's fixed income, currencies and
commodities (FICC), capital markets and transaction banking
Danske, which has suffered from single-digit profitability
relative to its Swedish peers, is already starting to reap
rewards from its cost-cutting initiatives.
The bank raised its full-year profit guidance earlier this
month after it posted its highest quarterly earnings since the
global financial crisis.
Nordea, the Nordic region's biggest bank and one of
Danske Bank's biggest competitors, has also been cutting staff
in past years and is expected to continue. It announced in
January it was aiming to create 900 million euros ($1.24
billion) in cost savings from 2013 to 2015.
(Addtional reporting by Mia Shanley in Stockholm, Editing by