News Summary

• The rise of fintech-owned digital banks provides a real competitive threat to traditional Nordic players, says Sebastian Siemiatkowski, CEO of Stockholm-headquartered Klarna.
• The most immediate concern with long-term implications is that the smaller, leaner and more cost-efficient niche digital banks, left uncontested, will continue to “poach” more customers and leave traditional financial institutions with a diminishing market share.
• If Forsikring, the Nordic insurance subsidiary of Finnish parent Sampo, plans to lay off around 100 employees in Denmark this year.
• Tryg launched an ambitious investment plan in January to digitise all core areas of its Nordic financial services operations.
• Danske Bank is set to reduce the number of staff working in its retail operations across Nordic markets by up to 430 by the end of the year.