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 64.9 - Other financial service activities, except insurance and pension funding
260 jobs Number of planned job losses
160 jobs Number of planned job creations
Announcement Date
29 August 2017
Employment effect (start)
Foreseen end date
Description
The Finnish Aktia Bank is initiating employee-employer negotiations that aim to cut approximately 260 jobs and creating 160 new ones. The negotiations concern all employees of the company's banking and life insurance activities. The restructuring is intended to adapt the company's activities to future market requirements such as increasing digitalisation. The measures are expected to reduce costs by €5-7 million starting in 2018, but the specific timetable of the dismissals has not been defined. Due to the costs related to the restructuring, the bank's profits of 2017 will decrease by an estimated €10-15 million in comparison to 2016.
Updated, 28/09/2017: Following negotiations concluded on 22 September 2017, Aktia confirmed the reduction of 260 current positions and the creation of 160 new ones. The company will also close ten offices, merging them with other offices nearby.
Sources
29 August 2017: Company press release
25 September 2017: Kauppalehti
Citation
Eurofound (2017), Aktia, Internal restructuring in Finland, factsheet number 91834, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/91834.
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