EMCC European Monitoring Centre on Change

Nordea Bank

Nordea Bank

Geographic Location

Country: World
Location of affected unit(s): wordwide


Sector: Financial services
Financial and insurance activities
64 - Financial service activities, except insurance and pension funding

Employment Effects

Announcement Date: 26-10-2017
Planned Job Reductions min: 4000
Planned Job Reductions max: 6000
Type of Restructuring: Internal restructuring
Employment Effect Start: 01-12-2017
Foreseen End Date: 31-12-2021

Additional Information

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.