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Danske Bank to become more transparent by reducing job titles

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Danske Bank to become more transparent by reducing job titles

Danske Bank A/S is reducing the number of job titles at the bank to about 400 from roughly 3,600 in an attempt to make the lender's organization more transparent, Bloomberg News reported, citing the Danish finance industry's labor union, Finansforbundet.

The Copenhagen-based bank will introduce some new posts in the restructuring, including roles focusing on anti-money laundering work, according to the newswire.

Finansforbundet, which cited Lisbeth Sørensen, Danske Bank's senior human resources consultant, said the lender is looking to implement a new human resource system to create more clarity about each individual's role at the institution and establish transparency across the bank's Nordic units, with the new model making it easier for employees to switch roles.

Danske Bank has been subject to criminal investigations in the U.S. and across Europe due to the publicized Estonian money laundering scandal. Earlier in August, the U.S. District Court for the Southern District of New York dismissed the bank's request to dismiss a class-action lawsuit related to a complaint from investors in the lender's American depositary receipts.