Incomprehensible lay-offs at Danske Bank

123 employees are to leave Danske Bank as part of the bank’s Forward ‘28 strategy. Completely incomprehensible in the present situation, finds Finansforbundet.

The bank’s employees have worked tirelessly both to achieve results and to engage constructively in the extensive change processes implemented by the bank in recent years. Laying off 123 colleagues of an already stressed out employee group is really difficult to comprehend for the employees at Danske Bank, who want what’s best for the company and make a huge effort every day,” says Kirsten Ebbe Brich, Chair of Finansforbundet in Danske Bank.

The bank explains its decision by a strategic goal for the bank’s expense ratio. The announcement comes four days after the bank presented its financial statements for 2023, which reported a record net profit of DKK 21.3 billion – the highest in the history of the bank. They also announced a total payout ratio of 85 per cent of the profit to the shareholders.

“Change is part of everyday business for financial sector employees, but what we have here is Danske Bank delivering a record net profit only to announce four days later massive lay-offs of the very employees who helped deliver those results. It is really difficult to see the fairness or wisdom of this,” says Dorrit Brandt, President of Finansforbundet.

Finansforbundet in Danske Bank is supporting the affected members and is, jointly with Finansforbundet’s unemployment insurance fund, assisting the members with advice on the terms and on how to move on in their working lives in the best possible way.