Glitnir Bank Chair Criticizes Termination Agreement Skip to content

Glitnir Bank Chair Criticizes Termination Agreement

Chairman of the board of Iceland’s Glitnir Bank, Thorsteinn Már Baldvinsson, who was hired in February and has lobbied for cutbacks, has criticized the termination agreement with one of Glitnir’s Norwegian managing directors, in which the director received a lump sum termination payment worth ISK hundreds of millions.

“This is part of the nonsense that is taking place in the financial sector,” Baldvinsson told Morgunbladid after the news broke on Wednesday, that Frank O. Reite, who had served as managing director for Glitnir Bank for three years, had received almost ISK 510 million (USD 6.9 million, EUR 4.3 million) as part of his termination agreement when he left the bank last fall.

“It describes the extremely high opinion individuals in the financial sector have of themselves,” Baldvinsson said. “I, however, declared when I became Glitnir’s chairman of the board that I would contribute towards changing this attitude at the bank.”

“I agree that this is a terribly high amount of money,” Reite told Norwegian news website e24.no, as 24 Stundir reports.

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