Sweden - Nordea bank announces giant job cuts - October 31, 2017
Not only the trade unions, but also many labour market observers were taken by surprise as the Nordea bank launched new plans for 6000 job cuts. The decision of the Swedish based group has major consequences for the whole Nordic region. Denmark’s financial workers union called the decision to lose well over a tenth of Nordea’s workforce shocking and the Finnish bank union said it was a brutal move. Analysts challenged the credibility of management’s cost guidance. The bank was already on the defensive after announcing it wanted to redomicile to Finland for regulatory reasons.
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