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
4,000 - 6,000 jobs Number of planned job losses
Announcement Date
26 October 2017
Employment effect (start)
1 December 2017
Foreseen end date
31 December 2021
Description
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 2021.
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.
Sources
26 October 2017: Bloomberg (online)
26 October 2017: Uutiset
Citation
Eurofound (2017), Nordea Bank, Internal restructuring in World, factsheet number 92473, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/92473.
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