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, the largest Scandinavian banking company announced a restructuring plan envisaging the loss of 6,000 jobs worldwide. The jobs reduction will affect 2,000 consultants and 4,000 employees. The cuts are part of an internal restructuring aiming at reducing costs and stay competitive: 'the bank's recent investments in technology and digital banking have been costly and increased long-term expenditure'. Layoffs will start to take place by the end of 2017 and will continue until 202. Activities will be concentrated in Łódź, Poland, due to the availability of workforce and lower costs.
Nordea Bank employs 31,800 people in 19 different countries. The majority of staff members are based in Sweden, Finland (where the headquarter has been move in 2017 from Stockholm to Helsinki) Norway and Denmark. The company also operates in three Polish centres (Lodz, Gdynia and Gdansk) and due to the availability of low cost workforce Nordea announced a plan to concentrate its back office operations in Lodz.
Eurofound (2017), Nordea Bank, Internal restructuring in World, factsheet number 92473, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/92473.
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