Landsbanki to Close Branches and Lay Off Staff Skip to content

Landsbanki to Close Branches and Lay Off Staff

The Icelandic bank Landsbanki is planning to merge and close branches in east Iceland, the West Fjords, Snæfellsnes peninsula and in Reykjavík, in addition to merging divisions at the bank’s headquarters. The number of employees will decrease by 50.


Landsbanki’s headquarters. Photo by Páll Stefánsson.

Twenty-nine of these employees have been laid off and 15 were offered a termination agreement as they are approaching retirement. Others who are said to quit had already resigned themselves, according to a statement from the bank released last week.

These changes will take effect as of June 1. According to Morgunblaðið, the bank estimates that they will enable the bank to save approximately ISK 400 million (USD 3.1 million, EUR 2.5 million) this year.

In spite of these changes, Landsbanki will operate the country’s most extensive bank network with 28 service centers and branches.


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