DNB

What DNB does

DNB describes itself as Norway's largest financial services group and one of the largest in the Nordic region by market capitalization. It offers loans, savings, advisory services, insurance and pension products to retail and corporate customers. Its head office is in Oslo and its shares trade on Oslo Børs, the Oslo stock exchange. The Norwegian state is the largest owner, E24 reported in October 2026. It holds 34% of the shares through the Ministry of Trade, Industry and Fisheries, the report said.

The group traces its roots to Christiania Sparebank, a savings bank established in 1822, according to its history page. DnB and Gjensidige NOR merged to form DnB NOR in 2003. The group took the name DNB in 2011. The board appointed Kjerstin Braathen group chief executive in June 2019. DNB's SEK 12 billion acquisition of Carnegie, a Nordic investment bank and asset manager, was completed on March 6, 2025.

Why it matters

DNB has tied a job cut directly to AI. On October 6, 2026, it said it had adopted agentic AI in several parts of its operations. It said the technology replaces tasks previously handled manually. It named control of customer data, Know Your Customer (KYC) work, technology development and coding as areas where AI agents can deliver substantial efficiency gains. It said its Technology & Services unit would shrink by about 400 full-time equivalents. The unit had 2,210 full-time positions on June 30, 2026, out of 10,646 in the group, according to the bank's fact book.

The attribution is the bank's own. The release gives no figures on how much work its AI agents do. Unions objected the same day. A representative of the union Tekna told Bergens Tidende that the bank should cut outside consultants before its own staff. A DNB press officer confirmed to the paper that hired consultants are also covered by the downsizing, without saying how many.

DNB had announced reductions before. In September 2024 it set a goal of cutting around 500 full-time equivalents over six months. It pointed to lower interest rates, tougher competition and rising costs. That release mentioned digitalization and automation but not AI. In August 2025 the bank confirmed plans to cut about 100 positions in customer identification, anti-money-laundering work and operational security, Finwire reported.

Recent developments

• October 2, 2026: DNB completed a share buy-back of 9,508,388 shares for NOK 2,953 million. It said it would propose redeeming shares from the state so that the state's 34% holding stays unchanged.
• July 14, 2026: DNB reported second-quarter profit after tax of NOK 9.8 billion, 6% lower than a year earlier. It reported a return on equity of 14.6%.

What to watch

• DNB said the downsizing will be completed during the fourth quarter of 2026. It said it will disclose more about the financial effects later in the year.
• The bank's financial calendar lists a third-quarter report on October 21, 2026, a Capital Markets Day on November 10, 2026 and a fourth-quarter report on February 4, 2027.
• Whether more cuts follow. Asked by E24, Elin Sandnes, the group executive for technology, said AI and other technology will keep affecting how the bank works and which skills it needs.
• How many hired consultants are covered by the downsizing, which DNB would not tell Bergens Tidende on October 6, 2026.