Norway's largest bank DNB to cut about 400 jobs, including in Latvia
DNB, Norway's largest bank, plans to cut about 400 jobs by the end of the year as it expands its use of artificial intelligence and reorganises work processes. Staff in Latvia will also be affected, but the number is not known.
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DNB, Norway's largest bank, plans to cut about 400 jobs by the end of this year. The move is linked to two changes: the bank is expanding its use of artificial intelligence and restructuring its work processes. The plans were reported by Latvian Television (LTV).
Latvia also affected
The reorganisation will also apply to employees working in Latvia. The bank has not yet said how many people here will lose their jobs, so the exact number of affected employees in Latvia is unknown.
Why it matters
The news shows that adopting artificial intelligence and reworking processes in the financial sector can lead to job reductions. In this case it concerns one of the largest banks in the Nordic region and its employees in Latvia.
The source does not say which departments or positions will be cut, nor does it give details on timing of the layoffs in Latvia. That information has not yet been made public.
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