OP Financial Group

Type
Internal restructuring
Country
Finland
Region
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
300 jobs
Number of planned job losses
Job loss
185 jobs
Number of planned job creations
Job creation
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.

Citation

Eurofound (2019), OP Financial Group , Internal restructuring in Finland, factsheet number 98795, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/98795.