Nordea may dump off to 2000 workers to improve question to compete well


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Monday, 29 August 2011
Ginat bank, Nordea will reduce the number of its workers in the Nordic region with 2,000 as from 2011 and 2012, according to the company.

Nordea will reduce its workforce by 2,000 during 2011 and 2012, including 500-650 in Denmark, Finland and Sweden, respectively, and 200-300 in Norway.

Today, Nordea has approximately 34,000 employees. Negotiations have begun with the union, according to a press release issued by Nordea, which says that action is essential "to achieve the necessary cost-effectiveness and profitability."

One reason for the reductions has to do with rising costs stemming from the new global regulatory framework for banks.
"Increasing efficiency is never easy. But we intend to act early and we do so from a position of strength. By to take early measures to increase profitability, we can preserve our strong credit rating, our competitive borrowing and thus our ability to offer customers affordable products and services. The alternative - wait and see - is not possible, "says Christian Clausen, President and CEO of Nordea, in a press release.

According to Nordea's ambition to staff reductions, this will be achieved primarily through natural wastage and voluntary agreements.
"The stipulated time for the formal negotiations with the unions varies from country to country, and all processes are expected to be completed in November," writes Nordea.
By Team

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