The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Financial Services Financial And Insurance Activities Financial Service Activities, Except Insurance And Pension Funding 64.19 - Other Monetary Intermediation
500 jobs Number of planned job losses
Announcement Date
10 September 2024
Employment effect (start)
10 October 2024
Foreseen end date
31 March 2025
Description
DNB, Norways largest bank, has announced plans to cut 500 full-time equivalent positions (FTEs). The affected jobs include both central corporate functions and local business units. The job cuts are expected to be completed by the end of Q1 2025.
The workforce reduction is driven by the bank's expectation of lower interest rates and a slowdown in revenue growth, while costs continue to rise. According to CFO Ida Lerner, DNB has experienced strong profitability in recent years, but the flattening revenue trend has led the bank to take measures to maintain competitiveness and ensure favorable returns for shareholders. The restructuring primarily involves staff in non-customer-facing roles. The bank has not yet detailed the specific methods for implementing these cuts. DNB plans to provide further details by the end of Q4 and has indicated that external hiring will be limited during this period.
Lillian Hattrem, employee board member and union representative for the Financial Sector Union in DNB, expressed concern about the scale of the cuts, stating that the announcement has caused significant uncertainty and unease among employees. DNB management has acknowledged the challenges the need for internal dialogue with union representatives and affected workers.
DNB is the largest financial company in Norway, with a strong presence in various segments, including retail banking, corporate banking, and asset management.
Eurofound (2024), DNB, Internal restructuring in Norway, factsheet number 201563, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/201563.
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