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
450 jobs Number of planned job losses
Announcement Date
29 August 2011
Employment effect (start)
Foreseen end date
Description
Banking group Nordea has announced that it plans to reduce its workforce in Finland by 500-650 employees. It is starting mandatory negotiations with employee representatives on the proposed cuts.
Nordea's cuts are a part of a larger restructuring plan, which also influences Denmark, Norway, and Sweden. The negotiations are expected to conclude in November. The company states that anticipated new regulations are expected to increase operation costs. It seeks to avoid direct dismissals and implement the cuts by other means.
A Finnish union representive expressed dismay over the proposed cuts and noted that Nordea has recently been financially successful.
Updated, 02-11-2011: Nordea has concluded negotiations and now reports redundancies of up to 450 employees. Most redundancies will take place through retirement.
Sources
29 August 2011: Taloussanomat
29 August 2011: YLE Internet News
29 August 2011: Helsingin Sanomat
2 November 2011: YLE Internet News
Citation
Eurofound (2011), Nordea, Internal restructuring in Finland, factsheet number 72308, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/72308.
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