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
460 jobs Number of planned job losses
190 jobs Number of planned job creations
Announcement Date
12 November 2019
Employment effect (start)
Foreseen end date
31 December 2020
Description
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://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/99060.
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