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.
Nordea Bank, a Finland-based financial services group, has announced a comprehensive job cut programme that will affect roughly 1,500 employees across its operations by the end of 2027.
In February, the company announced the cut of 271 employees in its IT department of 4,500 employees. In Norway, six jobs were cut. Several cuts were also made in Poland. The round of redundancies then continued in Łódź, Poland, where 43 staff were earmarked for layoff and 23 lost their jobs later that month. Other reductions are planned throughout the group but have not yet been pinpointed to specific countries.
The restructuring is driven by a push toward AI-powered automation and broader cost optimisation, aligning with Nordea’s 2030 strategy of digital transformation and efficiency gains.
Union representatives have voiced strong criticism of the restructuring. Kasper Skovgaard Pedersen, president of the Nordea Financial Services Employees' Union described the redundancy plan as "deeply shocking", representing a very large reduction in staff across the group. Staff at the Łódź branch reported a difficult internal atmosphere marked by low mutual trust and no budget for promotions or training.
Eurofound (2026), Nordea Bank, Internal restructuring in World, factsheet number 300842, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/300842.
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