Icelandic Bankers Successful in Finding New Jobs Skip to content

Icelandic Bankers Successful in Finding New Jobs

Almost 500 bankers, who were laid off after the collapse of the banking system one year ago, have been reemployed by the new state-run banks, MP Bank and the resolution committees of the old commercial banks, according to Fridbert Traustason, chairman of the Confederation of Icelandic Bank and Finance Employees (SFF).

Banking in Iceland. Copyright: Icelandic Photo Agency.

Around Iceland 1,500 bankers lost their jobs from April 2008 to June 2009 but their employment prospects have improved significantly since. Traustason told ruv.is that fewer than 150 bankers are currently registered as unemployed.

However, the salaries of those bankers who have been rehired to the banks have usually dropped by 15 to 50 percent. Out of the 500 bankers who are working in the banking system today, one third are employed by the resolution committees.

Additionally a number of foreigners are being employed by the committees of Kaupthing, Landsbanki and Glitnir to maximize the value of their assets, especially at Landsbanki, where 70 foreign specialists are working on behalf of the resolution committee.

Click here to read more about the employment market in Iceland and here to read about the final stages of restoring the Icelandic banking system.

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