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 - Financial service activities, except insurance and pension funding
420 jobs Number of planned job losses
Announcement Date
4 February 2019
Employment effect (start)
4 February 2019
Foreseen end date
31 December 2019
Description
Luminor, the third largest bank and financial services provider in the Baltic States, is to dismiss 420 employees in Vilnius in 2019. According to the management, the company has entered its next phase of transformation and is changing its operating model. The new operating model foresees simplifying bank’s business processes and reorganising duplicated functions. Currently Luminor employs around 1,300 employees in Lithuania.
The bank will also be reducing its staff numbers in Latvia and Estonia. Around 130 employees in Estonia and 250 employees in Latvia will be dismissed in 2019. By implementing the new operating model Luminor expects to significantly reduce its operating expenses. Luminor bank was established by merging DNB and Nordea bank branches in the Baltic States in 2017.
Eurofound (2019), Luminor, Internal restructuring in Lithuania, factsheet number 96635, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/96635.
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