"On my first day as CEO of Nordea, I said we will leave no stone unturned to improve our performance. I chose those words, because at Nordea we recognize, that our recent financial performance has not been where should be.
The current low interest rate environment is a challenge for the entire banking sector. We are competing in a market, where bank’s income is under constant pressure. This also looks to be the case for any foreseeable future.
I am convinced, that we can tackle these challenges by keeping our focus on our customers and by improving our operational efficiency. We need to be faster, simpler, and more efficient in everything we do.
At Nordea we have already carried out several initiatives to achieve this, but at the same time, we have missed some of the key targets we set for ourselves. That is why we are now taking extra steps to secure our long-term success.
This week we announced our new financial targets for the next three years and new strategic priorities. We set clear targets to balance our cost and income ratio and improve profitability. As a consequence of our new plan we booked several one-time costs that had a negative impact on our latest quarterly result. Like I said, we are leaving no stone unturned.
We will have to make difficult decisions, and I assure you, they will not be taken lightly. Unfortunately, this also means that we will have to be fewer people working at Nordea. We are committed to taking care of the people affected by these changes.
Our long-term success will depend on our ability to create great customer experiences. We want to become strong and personal financial partner for all our stakeholders. Our customers can count on us to be with them.
Nordea is now entering a new phase of consistency, accountability and delivering on our targets. We are building on a strong foundation and the way forward is clear."
/President and Group CEO Frank Vang-Jensen
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High levels of customer and business activity led to very strong first-quarter results.