The bank stated: "In an environment of persistently high capital requirements and falling interest rates, LHV Pank, a subsidiary of AS LHV Group, is rendering its operations more efficient."

"Via technological innovations, process automation, a reduction in management layers and consolidating responsibilities, LHV Pank plans to reduce the number of positions in the company by up to 60, during the first quarter of 2025."

Kadri Kiisel, LHV board chair, added: "The use of tech allows us to perform the same tasks and achieve the next developmental leap with a smaller organization than we have today."

"This is a needed decision, focusing on the future. We aim to cultivate a modern digital bank via system development, but not by increasing the number of people," Kiisel went on.

Although the bank is making these changes, it says its overall strategy and objectives will remain unchanged.

In its announcement, the bank added: "These efficiency improvements will be carried out company-wide. All LHV Bank's services are planned to continue in their current form, and significant developments will proceed as scheduled."

"The impact of these changes will be reflected in LHV's new financial plan, which will be published in February," the bank added.

LHV is an all-Estonian bank founded in 1999 by Rain Lõhmus, Tõnis Haavel and Andres Viisemann, the name being the initials of their three surnames.

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