Nykredit has initiated its first round of layoffs following its recent acquisition of Spar Nord, a bank based in Aalborg. The mortgage provider confirmed the news in a press release.

The company refers to the staff reductions as “the first organizational changes” resulting from the acquisition. The merger necessitates streamlining operations and eliminating redundancies.

The exact number of employees affected has not been disclosed. The company is working to minimize the impact on its workforce and provide support to those who are leaving.