EMCC European Monitoring Centre on Change

OP Financial Group

OP Financial Group

Geographic Location

Country: Finland


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

Employment Effects

Announcement Date: 12-11-2019
Planned Job Reductions min: 460
Type of Restructuring: Internal restructuring
Foreseen End Date: 31-12-2020
Planned Job Creation: 190

Additional Information

Cooperative bank OP Financial Group announced its plans to centralise the internal services of two support functions into other central functions. The decision is under efforts of modernisation to increase the process efficiency, thus affecting 460 employees to be dismissed. At the same time, 190 new job positions are planned to be created in support of the prospected changes.

The business contraction is part of a wider restructuring process that aims at adopting self-directing practices in the central business unit of the company. The restructuring process plans savings amounting to €18 million. As part of this process, the company announced in October 2019 the collective dismissal of other 300 job positions, with the creation of 190 new job positions in the central business unit.