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The decision comes at a time where profits are up by 21 % from 2010 (1^st half). It is a severe slap in the face of the 34.000 employees, who have worked hard to ensure that Nordea reappeared unaffected by the global financial crisis.

“We are in outrage over the irresponsible acts by Nordea”, says Edgardo Iozia, President of UNI Finance Global Union, who represents 3 million finance workers worldwide. “The bank attributes the job cuts - not to financial crisis nor to bad management – but to the mere ambition of reaching a 15 % return on equity. The job cuts only have one purpose - to please the markets. This is putting profit before people, and I find it indecent especially coming from a bank that was rescued by taxpayers’ money in the 90s, and today is still partly owned by the Swedish State” reminds Edgardo Iozia.

“I am deeply concerned by the effect this could have on employees and the European banking sector”, says Marcio Monzane, Head of UNI Finance. “When a bank of Nordea’s importance reduces staff by such a high number at a time when it delivers good results, it puts pressure on other banks to follow suit in a race to the bottom.”

UNI Finance Global Union calls upon Nordea to live up to its former standards of corporate social responsibility and reconsider its plans to reduce the number of staff in good dialogue with the local unions.