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OP Group to lay off more employees, 290 jobs at risk

Earlier this autumn, the financial group let go of 115 corporate banking and insurance employees.

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

Finland's OP Financial Group continues its restructuring efforts and now plans to lay off employees in its central operations. About 460 jobs will be terminated and 190 new positions will be created.

"We have estimated that a maximum of 290 people would be made redundant," said Hannakaisa Länsisalmi, OP's HR director.

The banking group is offering the 1,900 people who are at risk of being let go retraining opportunities. Länsisalmi says the exact number of employees OP will jettison from the central operations unit will become clear in early 2020.

Earlier this autumn, OP laid off 115 employees from its corporate banking and insurance customers business branches.

The group says it has entered co-determination negotiations in a bid to save 18 million euros in operating costs by the end of next year.

In autumn 2018, OP Group began to transition towards what it calls a more self-directed working model. The change started in the retail banking unit, and the central operations redundancy talks mark the final phase of this restructuring.

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