The objective of the changes is to simplify the governance structure and shorten communication channels, thereby enhancing the Bank’s service to its customers. The organisational changes are intended to reinforce Íslandsbanki’s continued growth and development, as digital transformation, artificial intelligence, and evolving customer expectations call for a new approach to operations and services.
A new support division, Strategy and culture, has been established. The division is intended to promote enhanced collaboration across the Bank’s other support functions and to support the development of Íslandsbanki corporate culture. The division will of comprise legal services, human resources, marketing and communications, operations, as well as strategy and sustainability. Changes have been made to the Icelandic names of Íslandsbanki’s business units, to reflect a clearer and more focused strategic emphasis for each unit.
As part of the organisational changes the number of senior managers is reduced by 15% in 2026 and the number of executive directors by 20%. The number of the Bank’s decision‑making committees has been reduced from 11 to 4.
As a result of the changes announced today, the number of employees will be reduced by just over 20, with the reductions occurring primarily within the Bank’s support functions. In total, the number of full‑time equivalent positions will decrease by 50 over the course of the year. This figure includes reductions resulting from the dismantling of the early retirement scheme, as disclosed in the Bank’s 2025 annual financial statements. The Bank places strong emphasis on managing such changes with responsibility and respect, and on providing appropriate support to the employees affected.
Through these changes, Íslandsbanki continues to develop its operations, strengthen its competitive position, and ensure that its organizational structure and cost base support long‑term performance and the delivery of outstanding service to customers.
