The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Financial Services Financial And Insurance Activities Financial Service Activities, Except Insurance And Pension Funding 64.1 - Monetary intermediation
346 jobs Number of planned job losses
Announcement Date
3 June 2003
Employment effect (start)
Foreseen end date
Description
Sampo bank is aiming to cut its workforce by 400 jobs. The dismissals will be mainly carried out through voluntary redundancy packages (financial benefits) and retirement arrangements. The significant increase of internet banking is given as the reason for this restructuring plan.
In October 2003, the company ended cooperation talks. As an result 346 jobs will be cut mainly in customer services. The cuts will be carried out almost without direct dismissals. Only six jobs are threatened directly. The rest will be handled by various pension arrangements etc. The cuts are motivated by the increase of internet banking resulting to diminished need of work force.
Sources
1 October 2003: Turun Sanomat
Citation
Eurofound (2003), Sampo Bank, Internal restructuring in Finland, factsheet number 59636, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/59636.
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