Job layoffs in Danish banks to grow as earnings continue to grow weakly


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Thursday, 11 August 2011
A new wave of job cuts is on the way into the Danish banking sector according to Danish media reports.
The Danish daily, Jyllands-Posten posit that the jobs cuts will happen by natural attrition and through rounds of layoffs. The development is a consequence of continued high earnings problems for banks.

A number of Danish banks, which presented their various financial statements showing declining revenues, but increasing costs, are those who will be heavily hit.


The Director of the Danish Financial Sector worker Union, Steen A. Rasmussen is no doubt that the number of employees in the financial sector will reduce. "It will happen as a combination of natural adjustment and a number of collective redundancies. I am afraid that it is not over yet ".

Also Danske Bank’s chief executive, Peter Straarup believes that the number of employees in the sector will fall. "It is possible that there will be a period of reductions in staff, but we will strive for natural and voluntary departure," says Peter Straarup.

The Danish marking sector suffered more the effects of the financial crisis than most other sectors and several banks have already collapsed at a time when recovery was being observed in Europe.
By Team

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