SpareBank 1 Sogn og Fjordane to cut 20 FTEs in new cost-cutting phase

SpareBank 1 Sogn og Fjordane announced plans to reduce its workforce by 20 full-time equivalents (FTEs) from its current 300 FTEs. This initiative follows a cost-cutting project ongoing since spring 2025 aimed at streamlining operations. The bank will offer voluntary severance packages to employees in support functions, with the process expected to conclude by year-end. Customer-facing advisors will not be offered severance packages.

chief executive Trond Teigene emphasized that cost-efficient operations are crucial for the bank's long-term competitiveness. He noted scope for efficiency improvements within support functions and highlighted the bank's desire for fewer and larger units to enhance resource utilization and internal collaboration.

The bank's management is collaborating with employee representatives on the process. The head union representative, Stine Solheimsnes Sunde, stated that workforce reductions and reorganizations are not unexpected given ongoing industry changes and the bank's long-term focus on cost cuts. She anticipates a smooth process, drawing on previous experience with similar initiatives.