16 men and 26 women were yesterday made redundant from Íslandsbanki bank in Iceland. A statement from the bank says the redundancies are an unavoidable consequence of its recent government-mediated merger with the troubled BYR savings bank. In addition to the redundancies a further 21 employees will leave the company in a combination of retirements and voluntary terminations.
Temporary contracts are also not being renewed; meaning a total of 63 people will leave the bank today – the last day of November.
A statement from Íslandsbanki described the job losses as necessary, in part because of the reorganisation of the entire Icelandic financial sector and the increased cost of auditing and levies to the government.
The statement explained that Íslandsbanki has tried to limit the scale of job cuts as much as possible and that the higher number of women being put out of work is because 66.5 percent of bank employees are female.
According to Íslandsbanki, its reorganuisation following the merger with BYR is now complete, and all other jobs are therefore secure for now.