Danske Bank initiates hiring freeze amid higher compliance costs

COPENHAGEN (Reuters) – Danske Bank (CO:) has initiated a hiring freeze in non-critical positions to cope with rising compliance costs and a tough business environment, the bank said on Thursday.

“The hiring freeze comes after we’ve seen higher compliance costs and costs related to our anti-money laundering efforts,” a spokesman said.

The bank has been involved in a major money laundering scandal. It said last year it had channeled 200 billion euros ($220 billion) of payments through its Estonian branch between 2007 and 2015, many of which the bank said were suspicious.

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