EMCC European Monitoring Centre on Change

Spar Nord

Company/Organisation:
Spar Nord

Geographic Location

Country: Denmark
Region: Nordjyllands amt
Location of affected unit(s): Aalborg

Company

Sector: Financial services
Financial and insurance activities
64.19 - Other monetary intermediation
Number Employed: 1650

Employment Effects

Announcement Date: 22-11-2012
Planned Job Reductions min: 150
Type of Restructuring: Merger/Acquisition
Employment Effect Start: 01-12-2012
Direct Dismissals: 90
Other Job Reduction Measures: 60

Additional Information

In October 2012, Danish banks Spar Nord and Sparbank merged. Spar Nord announced 150 redundancies.

According to the Financial Services Union in Denmark (Finansforbundet) 90 of these cuts will be implemented through direct dismissals, while the rest will be implemented by natural attrition. After the restructuring Spar Nord will have around 1,500 employees.