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He worked at the Kaupthing securities firm in 1991 to 1997, first in Asset Custody and then as CEO from the start of 1997. Later in 1997, Ármannsson was appointed the CEO of FBA (The Icelandic Investment Bank) when four government credit funds were merged. Following privatisation, FBA merged with Íslandsbanki hf. in 2000. From 1994 to 1997, Ármannsson was the Deputy CEO and later the CEO of Kaupthing Investment Bank.
Bjarni Ármannsson has been appointed to a number of non-executive positions for various bodies. He is currently the Chairman of the Board of The Bankers´ and Securities Dealers´ Association of Iceland and a Member of the Board of the Iceland Chamber of Commerce. He also chairs the Icelandic Children's Welfare Fund and serves as Chairman of the Board of Reykjavik University, and has been Chairman of the board of the Norwegian-Icelandic Chamber of Commerce since it was established in March 2006.
- "Glitnir appoints new CEO". Fishupdate.com. 1 May 2007. Retrieved 7 May 2011.