Nordea finalises cooperation negotiations in Finland

02.11.11 10:00 | Lehdistötiedotteet

Nordea has now finalised the cooperation negotiations initiated at the end of August.

Before the negotiations were started, Nordea estimated the required reduction of employees to be between 500 and 650 in Finland. It was also estimated that part of the reduction need would be handled through natural turnover, such as retiring employees. During the negotiations, it was discovered that altogether 300 employees will retire during the rest of 2011 and next year. As a result of the finalised cooperation process, the job will end for about 450 people.

- The outcome of the negotiations is that a personal cooperation procedure will probably be initiated with approximately 200 people. Now Nordea will start an internal employment service in which we seek jobs within Nordea for the people left without work, says Ari Kaperi.

If no work is found in four months, the people left without work are offered severance packages. The size of the severance package depends on how long the employee has been employed by the bank.

Furthermore, all employees under the threat of being made redundant are offered the opportunity to participate in relocation training. This means that the employee left without work is assisted and coached in finding a new job.

- This kind of process is always difficult, but it is now necessary due to the changes in the banking environment. We will try to find a new position within the Group for everyone whose present job ends, or to support them financially or otherwise in order to make it easier for them to adapt to being left without work, says Ari Kaperi.

For further information:
Ari Kaperi, Country Senior Executive, Finland, +358 9 165 42320
Kati Tommiska, Chief Press Officer, Finland, +358 9 165 42320