Helsinki-based Aktia Bank plans to enter co-determination talks with worker representatives in a bid to cut up to 110 jobs, according to a bank press release issued Tuesday.
A total of about 380 workers will be represented in the co-determination negotiations. The firm said that some of the affected employees could be laid off or shift to part-time work.
"The change in customer behaviour and the demand for location-independent services, as well as the increasing demand for personal financial advice, will lead to even less frequent visits to the bank branch," the bank stated.
The firm said it expects its updated strategy to generate around three million euros in annual savings, starting next year.
Aktia's board said the bank's long-term financial goals included raising its comparable operating profit from 80 million to 100 million euros per year, increasing its return on equity to 11 percent from 9.7 percent, as well as other measures.
The bank said it aims to pay out 60-80 percent of its profits to shareholders.
Aktia's strategy update is made up of three main themes, including improving its asset management department, boosting private and corporate customer rates and the standardising and automation of its operations.
Aktia Bank's 45 branch offices serve approximately 350,000 private and 30,000 corporate customers around the country and the bank is owned by Aktia foundations, bank foundations, institutions, firms and private individuals.
As of March 2018 the firm employed just under 800 full-time workers, a company report stated.