Internal restructuring
Location of affected unit(s)
Financial Services
Financial And Insurance Activities
Financial Service Activities, Except Insurance And Pension Funding
64.1 - Monetary intermediation

346 jobs
Number of planned job losses
Job loss
Announcement Date
3 June 2003
Employment effect (start)
Foreseen end date


Sampo bank is aiming to cut its workforce by 400 jobs. The dismissals will be mainly carried out through voluntary redundancy packages (financial benefits) and retirement arrangements. The significant increase of internet banking is given as the reason for this restructuring plan.

In October 2003, the company ended cooperation talks. As an result 346 jobs will be cut mainly in customer services. The cuts will be carried out almost without direct dismissals. Only six jobs are threatened directly. The rest will be handled by various pension arrangements etc. The cuts are motivated by the increase of internet banking resulting to diminished need of work force.


  • 1 October 2003: Turun Sanomat


Eurofound (2003), Sampo Bank, Internal restructuring in Finland, factsheet number 59636, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/59636.