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Bloomberg
Danske Bank A/S is getting rid of thousands of job titles as the lender rebuilds its image after a year of scandal and losses.
With the Copenhagen-based bank’s new chief executive officer, Chris Vogelzang, reviewing operations after starting in June, the number of job titles will fall to around 400 from roughly 3,600, according to Finansforbundet, the finance industry’s labor union. It cited Lisbeth Sorensen, a senior human resources consultant at Danske.
Danske is implementing a new human resources system that targets greater transparency, Finansforbundet quoted Sorensen as saying. The idea is to create more clarity about who does what at the bank, with the new model set to make it easier for employees to switch roles.
“In recent years, more and more job titles have appeared,†and new titles were created if old ones seemed an imperfect fit, Sorensen said. In the new system, titles will all be given in English, rather than Danish, to create transparency across the bank’s Nordic units, though staff will have the option to keep their local language job titles.
Among the 400 titles will be some new ones, including a number focusing on anti-money laundering work. Danske is the target of criminal investigations in the U.S. and across Europe after admitting it handled as much as $230 billion in potentially suspicious transactions. The bank’s former CEO, Thomas Borgen, is among a number of former executives to have had preliminary criminal charges brought against them.