EMCC European Monitoring Centre on Change

Luminor

Company/Organisation:
Luminor

Geographic Location

Country: Lithuania
Region: Vilniaus apskritis; Lietuva
Location of affected unit(s): Vilnius

Company

Sector: Financial services
Financial and insurance activities
64 - Financial service activities, except insurance and pension funding
Number Employed: 1300
Group: Luminor Group

Employment Effects

Announcement Date: 04-02-2019
Planned Job Reductions min: 420
Type of Restructuring: Internal restructuring
Employment Effect Start: 04-02-2019
Foreseen End Date: 31-12-2019
Direct Dismissals: 420

Additional Information

Luminor, the third largest bank and financial services provider in the Baltic States, is to dismiss 420 employees in Vilnius in 2019. According to the management, the company has entered its next phase of transformation and is changing its operating model. The new operating model foresees simplifying bank’s business processes and reorganising duplicated functions. Currently Luminor employs around 1,300 employees in Lithuania.

The bank will also be reducing its staff numbers in Latvia and Estonia. Around 130 employees in Estonia and 250 employees in Latvia will be dismissed in 2019. By implementing the new operating model Luminor expects to significantly reduce its operating expenses. Luminor bank was established by merging DNB and Nordea bank branches in the Baltic States in 2017.

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