The Finnish bank Aktia announced on Tuesday that approximately 55 people from it sales organisation would be laid off.

In January, as employer-employee negotiations began, the bank's estimated staff reduction was a maximum of 60 people.

In a press release issued Tuesday the bank said the reorganisation was done in order to "enhance effectiveness, achieve cost savings and meet the demands of continued digitalisation."

In a statement on the matter, Aktia CEO Jussi Laitinen said the job cuts would incur the bank a one-time cost of about one million euros, but would save the bank some two million euros per year.

"Aktia shall continue to be a strong player in the Finnish financial market, offering private and corporate customers competent financial advice in a broad range of channels," Laitinen stated.