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OP financial group cuts 115 jobs, more on chopping block

As redundancy talks ended in two departments, new ones began in another.

Osuuspankin konttori Oulussa.
An OP branch office in Oulu. Image: Esko Jämsä / AOP

Finland's biggest financial group, OP, aims to slash costs by 18 million euros by the end of next year.

The group is reducing staff at its Corporate Banking and Insurance Customers units following redundancy talks that began in late August. At that point it said that it might shrink its staff by as much as 250.

The negotiations, which ended on Monday, involved some 3,000 people.

They wrapped up with the company deciding to eliminate 300 posts. However it promises to create 185 new jobs. As a result the net loss of jobs will be 115.

"Although some jobs will cease to exist, we aim to offer new roles to as many people as possible,” OP's VP for Human Resources, Hannakaisa Länsisalmi, said in a statement on Tuesday.

That came a day after the group launched new layoff talks focusing on the central cooperative's support functions. They are expected to last at least six weeks.

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