News

Behind the job losses is not bad business result but the ambition to the New Normal. It means that Nordea wants to be among the biggest European banks to reach return on equity (ROE) levels of 15 per cent. It is not either the only one to blame new global regulation for increased costs.

"At a time where Nordea is being a very profitable bank with excellent reputation in the financial market, the management presses through the New Normal plan and staff reductions at the cost of employees" says Steinar Nickelsen, President of Union in Nordea.

There are 34.000 employees in Nordea at the moment and the purpose is to spread job cuts mostly between Denmark, Finland and Sweden (500-650 cuts / country) and a little bit less in Norway (200-300 cuts).



The dialogues and negotiations with trade unions in the four Nordic countries have been initiated and the local unions have demanded that Nordea takes every possible step to avoid job losses and focus on re-training and redeployment. Furthermore, the unions insist that any staff reductions must be on a voluntary basis and packages must be negotiated at national level.



The final situation is clear in November when the negotiations should be finished.