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
700 - 800 jobs Number of planned job losses
Announcement Date
6 September 2012
Employment effect (start)
1 January 2013
Foreseen end date
17 June 2013
Description
DNB, Norway's largest financial services group, is reducing its staff by 1500 employees. Voluntary severance packages and non-renewal of contracts will make up the bulk of these job reductions, although a number of direct dismissals are expected. The number of DNB employees affected by this measure is going to range between 700 and 800. The remaining reduction in the number of employees will be the result of DNB selling several of its subsidiaries, including the Swedish insurance company SalusAnsvar.
The restructuring was first announced in September 2012, and a planned reduction of 1500 employees before 2015 was decided by the company on 14 January 2013. The process has been sped up, and the planned end date for the main part of the reductions is now 17 June 2013. Exact figures are still uncertain, but on 3 June 2013 the company stated that "several hundred" will be directly affected and that it has already received 600 applications for severance packages, half of which have been granted so far. Voluntary measures will account for a large amount of the lay-offs. The severance packages offered are quite generous, the largest providing three years full salary. The company has also established its own 'job center', which has currently transferred 60 candidates to new assignments or positions.
The company, which had a net surplus of nearly €2 billion in 2012, states that the restructuring is aimed at reducing costs in order to cope with the current market situation and to meet the demands of new banking legislation.
Sources
23 May 2013: Posthornet
7 September 2012: Posthornet
22 March 2013: Posthornet
3 June 2013: LO-Aktuelt
Citation
Eurofound (2012), DNB, Internal restructuring in Norway, factsheet number 75467, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/75467.
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