Nordea cuts 2,000 jobs
Published: 29 Aug 11 14:40 CET | Print version
Updated: 30 Aug 11 09:57 CET
Online: http://www.thelocal.se/35832/20110829/
Nordea, the biggest Nordic bank which today employs around 34,000 people, said Monday it planned to cut some 2,000 jobs across the region by the end of 2012 to counter the effects of rising costs.
- Nordea tracked clients in secret 'black book' (13 May 13)
- Nordea's profits 'higher than expected' (24 Apr 13)
- Swedes earn highest wages in Europe: study (2 Apr 13)
Due to "increased costs imposed by new global regulation," all banks face increased challenges, the bank explained, adding that it aimed to "maintain its place among the top-league banks in Europe" and had "decided to take early action to safeguard its strong position on funding and customer relations."
"As a step in those plans, negotiations with trade unions in the four Nordic countries have been initiated on reducing the total number of employees," it said, adding that it aimed to cut most of the jobs "through natural turnover and voluntary agreements."
Nordea said that while negotiation times differed from country to country, it expected all the procedures to be finished by November this year.
Following the announcement, the bank saw its share price jump 1.35 percent in midday trading on a Stockholm stock exchange up 1.20 percent.
The bank last month posted a six-percent drop in its second quarter net profit, to 700 million euros ($987 million), amid falling investments.
"To increase efficiency is never easy," acknowledged Nordea president and chief executive Christian Clausen in the statement, insisting though that six-percent staff reduction was necessary to boost productivity and thus "safeguard our good rating, competitive funding and thus our ability to offer products and services at the right price to our customers."
"The alternative -- to wait and see -- is not an option," he added.
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The second part of the recession is coming. They know it, and they are getting ready.