Restructuring events
European Restructuring Monitor (ERM)
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.
Cooperative bank OP Financial Group announced its plans to centralise the internal services of two support functions into other central functions. The decision is under efforts of modernisation to increase the process efficiency, thus affecting 460 employees to be dismissed. At the same time, 190 new job positions are planned to be created in support of the prospected changes.
The business contraction is part of a wider restructuring process that aims at adopting self-directing practices in the central business unit of the company. The restructuring process plans savings amounting to €18 million. As part of this process, the company announced in October 2019 the collective dismissal of other 300 job positions, with the creation of 190 new job positions in the central business unit.
Eurofound (2019), OP Financial Group , Internal restructuring in Finland, factsheet number 99060, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/99060.