The bank Nordea will cut around 500 of its employees in Finland. The creditor begins to implement its plan to cut thousands of jobs announced in October. The largest Scandinavian bank started talks with its staff in Finland, according to the trade union Nousu, which represents the employees. Moreover, according to trade unions, further cuts are expected.
In October, Nordea said it had to cut 6,000 people worldwide, with 4,000 of them on full-time job. The plan is part of the bank’s digitization efforts. Nordea plans to focus on easy to use digital services and said more customer-service work needs to take place in the evenings and weekends, which unions in Finland have resisted in the past. It also seeks a flatter organization.
The program is expected to last for four years, according to Swedish trade unions, most of the redundancies will be completed by 2019. Nordea is based in Stockholm, Sweden.
The redundancies in Finland will mostly affect employees in retail banking as well as in corporate banking.