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
300 jobs Number of planned job losses
185 jobs Number of planned job creations
Announcement Date
8 October 2019
Employment effect (start)
Foreseen end date
1 January 2020
Description
Cooperative bank OP Financial Group announced its plans to restructure the Corporate Banking and the Insurance Customers units in Finland. After employer-employee negotiations, the decision is planned to make 300 job positions redundant in the two centralised business units that have a total workforce of 3,000 employees. At the same time, the company promised the creation of 185 new job positions. The restructuring event aims at adopting self-directed practices for these two units, which need to be more agile.
The company plans to use internal restructuring processes for savings amounting to €18 million. To reach this goal, the company started a new round of employer-employee negotiations in October 2019.
Sources
Citation
Eurofound (2019), OP Financial Group , Internal restructuring in Finland, factsheet number 98795, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/98795.
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