The Nordics' biggest bank Nordea is in the midst of employer-employee negotiations with an aim to cut 500 jobs at its facilities in Finland, the Nordea workers' union Nousu said on Friday. In October Nordea announced that it planned to cut at least 6,000 jobs globally, with an aim to bring down costs and increase competitiveness.
In a statement issued Friday Nordea announced that it plans to cut about 420 jobs and shift 50 other positions at the bank to Estonia and Poland. The changes are part of the bank's digitisation initiatives, the statement said.
Nordea's job cuts in Finland will chiefly affect employees working with private and business clients as well as those in support roles and in its Markets unit, according to Nousu, the union which represents Nordea employees.
Nousu said that the current round of job cuts is the first of four over the next four years. The total number of layoffs could be many times higher once they are all carried out, the union said.
At 2 pm on Friday a ban on working overtime was called across the finance industry in Finland.
The union's chief negotiator Paula Hopponen said that Nordea's customer service would not improve by closing local bank branches and shifting services to be carried out in Poland and Estonia.
Hopponen said that the digitalisation and other changes within the industry are being used as a pretext for overarching and premature job cuts.