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 64.19 - Other monetary intermediation
420 jobs Number of planned job losses
Announcement Date
8 December 2017
Employment effect (start)
Foreseen end date
Description
Nordea Bank is initiating employer-employee negotiations to reduce approximately 420 jobs in Finland. The job reductions concern back-office functions and units serving private individuals and SMEs. Around 50 of the back-office jobs are intended to be off-shored to Estonia and Poland, where Nordea today has around 1,500 employees. Some reductions will also take place through retirements and natural turnover.
Nordea announced in October 2017 that due to significant digitalisation and automatisation initiatives, it will reduce up to 2,000 external consultants and 4,000 internal staff internationally in the next four years. Nordea will offer training programmes and support packages to those who will be made redundant, and has created a re-employment unit to help them.
Trade union Nousu has strongly criticised Nordea for the planned redundancies.
Update, 12/02/2018: Employer-employee negotiations were concluded in Nordea's Personal Banking unit in early February 2018. The number of dismissals in the unit landed at 123 employees, but some may still agree on other arrangements with the company. Out of the originally announced 420 job reductions, 220 were to be targeted at the Personal Banking unit. The figure was lowered from 220 to the current 123 through for instance voluntary retirement agreements. The final number of redundancies as compared to the original 420 remains uncertain.
Sources
8 December 2017: Helsingin Sanomat
8 December 2017: YLE
2 February 2018: Taloussanomat
Citation
Eurofound (2017), Nordea, Internal restructuring in Finland, factsheet number 92747, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/92747.
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