Sweden-based bank Nordea will reduce its workforce by 2,000 employees. The company estimates that 500 to 650 jobs will be lost in Denmark, Finland and Sweden respectively. Between 200 and 300 jobs will be cut in Norway. The internal restructuring is expected to be completed by the end of 2012.
Nordea have initiated talks with local trade unions within each country on how to reduce the headcount. These consultation processes should be finalised by November 2011. A large share of the 2,000 job cuts could be implemented through voluntary departures and natural turnover.
The restructuring measure will allow Nordea to increase efficiency within the bank. The company has set a target of 15 % return on equity. Currently, Nordea reaches 11.7 % (first half of 2011).