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Wednesday, June 29, 2022

Nordea to cut staffing in Norway

Nordic bank Nordea has decided to cut staffing by as many as 2,000 employees by the end of next year, despite strong profits. Around 200 to 300 jobs in Norway will be affected.

Nordea’s operations in Norway are rooted in the former bank called Kredittkassen, which was acquired and evolved into Nordea during the 1990s. The Norwegian operations now employ around 3,400 people and generated operating profits of NOK 140 million during the second quarter.

The layoffs were criticized by the bank employees’ union Finansforbundet, which called it “unreasonable” that employees who have contributed to Nordea’s success must pay for it with their jobs. The employees’ organization is demanding that the staff cuts be made on a voluntary basis, probably through incentive offers and severance pay packages.

Nordea officials, however, claim the bank needs to keep costs down and cut staff at an early stage, to secure the bank’s strong credit rating and competitive fees.

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