EMCC European Monitoring Centre on Change



Geographic Location

Country: Denmark
Region: København og Frederiksberg kommuner
Location of affected unit(s): Copenhagen


Sector: Financial services
Financial and insurance activities
64.92 - Other credit granting
Number Employed: 4000
Group: Nykredit

Employment Effects

Announcement Date: 09-12-2013
Planned Job Reductions min: 300
Planned Job Reductions max: 300
Type of Restructuring: Internal restructuring
Employment Effect Start: 01-01-2014
Foreseen End Date: 30-04-2014
Direct Dismissals: 220
Other Job Reduction Measures: 80

Additional Information

Danish bank Nykredit is to make 300 workers redundant. This will mainly affect mid-level managers and employees at the headquarters. Staff that is in costumer care will not be cut. This is part of a large-scale savings plan.

Negotiations with labor representatives will last until 31 December. The management stated that it aims at implementing some of the cuts via natural attrition.

Updated, 26/03/2014: Following negotiations with the employee representatives it was announced that the job reduction plan refers to 220 direct redundancies and 80 job losses by means of natural attrition.