Tapiola

Type
Internal restructuring
Country
Finland
Region
Manner-Suomi;
Location of affected unit(s)
Sector
Financial / Insurance/ Estate
64 - Financial service activities, except insurance and pension funding
64 - Financial service activities, except insurance and pension funding
64 - Financial service activities, except insurance and pension funding
143 jobs
Number of planned job losses
Job loss
Announcement Date
12 October 2011
Employment effect (start)
1 December 2011
Foreseen end date

Description

Finnish financial services group Tapiola has announced plans to lay off up to 230 employees. The company has started negotiations with employee representatives on the proposed cuts.

Tapiola provides both insurance and banking services. The layoffs are foreseen mainly among development and information technology personnel. Tapiola cites decreased profitability and poor economic outlook as reasons for the announced cuts. It expects negotiations to be concluded by early December, 2011.

UPDATE, 08/12/2011: Tapiola has concluded its employer-employee negotiations and is to cut 143 jobs instead of 230 as originally announced.

Sources

  • 12 October 2011: Taloussanomat
  • 12 October 2011: YLE Internet News
  • 8 December 2011: Press release

Citation

Eurofound (2011), Tapiola, Internal restructuring in Finland, factsheet number 72569, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/72569.