The Icelandic bank Íslandsbanki has laid off 20 employees, RÚV reports. This occurred in the wake of organizational changes which reduced the bank's departments by one. According to Edda Hermannsdóttir, Íslandsbanki’s director of communication, most of the employees are managers and specialists at the bank's headquarters. The organizational changes were undertaken due to rapid technological development and regulatory changes. Íslandsbanki is wholly owned by the Icelandic government.