Nordea to cut 2,000 jobs
Nordea is to reduce its workforce by 6% in an attempt to increase profitability and boost its return on equity levels, becoming the latest in a string of European banks to announce job cuts. The Stockholm-based bank, which is the largest financial institution in the Nordic region by market value, has entered negotiations with trade unions in the four Nordic countries with a view to cutting around 2,000 jobs.
It said the cuts were part of an attempt to reduce cost growth and achieve a higher return on equity level, in line with capital, liquidity and cost requirements stipulated by national and pan-European regulators.
The assessment is that the best banks in Europe will reach return on equity
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