Norwegian Major Bank Cuts Back – 500 Jobs Lost

The Norwegian major bank DNB Bank has, after a strategic review, decided to reduce the workforce to cut costs.

"The goal is a reduction of the number of employees by approximately 500 full-time equivalents over the next six months", writes DNB in a press release.

Tough competition and lower interest rates are cited as reasons for the decision.

CEO Kjerstin Braathen writes in a comment that the cutbacks are not something the DNB management is taking lightly.

DNB also writes that the strategic review has led to the bank now trying to become more customer-focused and prioritize simplifications and digitalization that customers want.