Kvika banki hf.: Cost efficiency measures

Kvika banki has recently undertaken measures to improve cost efficiency, resulting in a reduction of 18 full-time equivalent positions at the Bank during the year. Today, 11 difficult redundancies took place, and a decision has also been made not to fill certain positions that have become vacant and will become vacant in the coming months. The reduction in staff has affected almost all units of the Bank.

Despite significant growth across most areas of the Bank, the changing and challenging environment calls for continued operational discipline, which these changes reflect.
This reduction in full-time equivalent positions is expected to result in cost savings of nearly ISK 400 million on an annual basis. One-off costs relating to the redundancies amount to just over ISK 100 million and will be expensed in the second quarter of the year.

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