The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Financial Services Financial And Insurance Activities Financial Service Activities, Except Insurance And Pension Funding 64.1 - Monetary intermediation
2,000 jobs Number of planned job losses
Announcement Date
29 August 2011
Employment effect (start)
1 September 2011
Foreseen end date
31 December 2012
Description
Sweden-based bank Nordea will reduce its workforce by 2,000 employees. The company estimates that 500 to 650 jobs will be lost in Denmark, Finland and Sweden respectively. Between 200 and 300 jobs will be cut in Norway. The internal restructuring is expected to be completed by the end of 2012.
Nordea have initiated talks with local trade unions within each country on how to reduce the headcount. These consultation processes should be finalised by November 2011. A large share of the 2,000 job cuts could be implemented through voluntary departures and natural turnover.
The restructuring measure will allow Nordea to increase efficiency within the bank. The company has set a target of 15 % return on equity. Currently, Nordea reaches 11.7 % (first half of 2011).
Sources
29 August 2011: Nordea press release
29 August 2011: Financial Times
Citation
Eurofound (2011), Nordea, Internal restructuring in European Union, factsheet number 72309, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/72309.
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