Nordea bank will eliminate up to 100 jobs in Denmark, it announced in conjunction with its quarterly results on Thursday.
The Stockholm-based bank announced that its second quarter results were up over the same period last year, but Ritzau Finans reported that despite the positive result over 100 employees in Denmark can expect to lose their jobs as part of cost-cutting measures.
A bank spokesperson told Ritzau that it has an overall plan to eliminate five percent of its total positions, with the majority of the cuts happening through natural attrition or by placing employees in other jobs within the company.
“The process is still ongoing and we expect that the final number will be lower once the job matching process continues after the summer,” the bank representative said.
Nordea’s CEO, Christian Clausen, said he was pleased with the bank’s quarterly performance.
“The second quarter of 2014 was characterised by a continued inflow of customers and strong activity, particularly in our savings area and corporate advisory business,” he said in a press release.
Nordea is the largest financial services group in Northern Europe and has over 31,000 employees.