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 64.19 - Other monetary intermediation
368 jobs Number of planned job losses
Announcement Date
8 January 2021
Employment effect (start)
8 January 2021
Foreseen end date
Description
Finland-based financial services group Nordea has announced that it will cut a total of 368 IT jobs at its European units.
The restructuring programme will affect employees in Poland and the Nordic countries, including Finland where 32 positions are to be cut. The company plans to outsource some positions to other countries, mainly India. In Finland, negotiations with employees’ representatives were initiated on 4 January 2020 and are expected to take six weeks.
Nordea operates in 20 countries employing 29,300 people: in Europe, it had 28,748 employees at the end of 2019.
Eurofound (2021), Nordea, Outsourcing in European Union, factsheet number 103176, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/103176.
Digitisation and automation technologies, including artificial intelligence (AI), can affect working conditions in a variety of ways and their use in the workplace raises a host of new ethical concerns.
The retail banking sector is fertile ground for studying the impacts of digitalisation on work and employment. Financial services are increasingly provided online, without the intermediary of customer-facing institutions.
European labour markets have recovered strongly from COVID-19. By the end of 2021, little more than 18 months after the start of the pandemic, employment rates in the EU were almost at pre-crisis levels.
