November 29, 2016 / 9:36 AM / in a year

Danske Bank cuts 321 jobs in Denmark to reduce costs

COPENHAGEN, Nov 29 (Reuters) - Danske Bank said on Tuesday it has laid off 77 employees in Denmark and another 244 have accepted voluntary redundancy as part of an effort to cut costs against a backdrop of low interest rates.

In October, the bank offered 8,000 staff, mainly in the bank’s personal banking and business banking divisions in Denmark, voluntary redundancy. The bank said then it had no specific target for the number of positions to cut.

“It’s always hard to say goodbye to good and dedicated colleagues, but the difficult conditions with low growth and negative interest rates mean that we need to have extra focus on our costs,” HR director Henriette Fenger Ellekrog said in a statement.

Keeping down costs is part of Danske Bank’s aim to deliver return on equity of at least 12.5 percent in 2018, it said earlier. (Reporting by Jacob Gronholt-Pedersen; editing by David Clarke)

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