A structurally lower level of activity, especially in the SME area, is now having an impact on the number of employees at the Danish Export and Investment Fund, EIFO. The decline in activities has therefore led management to decide that approximately 50 employees are to be dismissed.
The dismissals will occur throughout the organization, but since the decline particularly affects the SME area, most of the dismissals will occur here. Eifo states this in a press release.
- Financial activity and the number of cases in SMEs are currently at their lowest level since 2020. Last year there was a sharp decline in activity compared to the previous year, and unfortunately the development has not structurally changed here in 2024. The reason is, among other things, that the market has begun to carry out a large part of the task itself, and thus the need for EIFO's current solutions has been reduced. This is actually a positive development, but for EIFO it unfortunately means that we have to say goodbye to good colleagues, says Peder Lundquist, CEO of EIFO.
The adjustment in the SME area includes approximately 20 employees. In EIFO's two other business lines, Large Corporates and Investment, the number of positions will also be reduced, albeit to a lesser extent. Overall, a total of approximately 30 employees will be affected in Large Corporates, Investment and in the staff functions. Peder Lundquist emphasizes that EIFO is strong and is solving an important societal task:
- We have achieved our goal with the integration of the three previous funds, our latest accounts were satisfactory, and our continued contribution to Denmark is significant. But our organization is too large for the underlying business activity. And as a state-owned company, we are particularly obliged to focus on our resources and ensure that EIFO most effectively makes Denmark richer in what makes a difference, says Peder Lundquist.
After the planned layoffs, EIFO will have around 440 employees. Earlier this year, Eifo also cut back on a number of management positions.
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