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Danske Bank not targeting specific job-cut number

Danske Bank A/S said it is not targeting a specific number of job cuts despite offering 2,000 employees in Denmark a voluntary redundancy option, Bloomberg News reported.

The Danish lender, which is at the center of a €200 billion money-laundering scandal, employs about 11,000 people in Denmark. The potential restructuring comes as the bank plans to reduce costs and restore profitability.

Danske introduced the voluntary redundancy option in Denmark primarily for staff in head office and support functions. "We expect to be fewer employees the coming years, but we do not have a specific target," said Claus Jensen, Danske's head of investor relations.

Denmark's bankers' union appreciated the lender's move to limit job cuts to voluntary redundancies, according to the report.

The lender offered a similar option to 8,000 employees in 2016, which resulted in roughly 250 voluntary departures and subsequently 77 forced departures, Bloomberg said.

The bank introduced a hiring freeze in October 2019 and recently revealed plans to cut up to 108 jobs in Finland.