Internal restructuring
Location of affected unit(s)
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
Job loss
Announcement Date
29 August 2011
Employment effect (start)
Foreseen end date


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.


  • 29 August 2011: Taloussanomat
  • 29 August 2011: YLE Internet News
  • 29 August 2011: Helsingin Sanomat
  • 2 November 2011: YLE Internet News


Eurofound (2011), Nordea, Internal restructuring in Finland, factsheet number 72308, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/72308.