Nordea cuts 1,500 jobs

According to a stock exchange release, Nordea will cut 1,500 jobs across the group during this year and the next.  
 
That corresponds to about 5% of the some 30,000 employees working for the major bank worldwide. 

It remains unclear how many jobs will disappear in Denmark, and Nordea has not wanted to elaborate further. 

Local branch president Kasper Skovgaard Pedersen of Finansforbundet at Nordea is frustrated at the fact that so many colleagues will be affected. 

“This is a deeply shocking announcement that affects employees across the group. We'll be watching closely to see how the plans affect both employees and the bank in the months ahead, because that's a substantial cut among staff that are already extremely busy,” he says.

“Since the presentation of the 2030 strategy on Capital Markets Day, we've heard a lot about realising efficiency gains. As employees, we're used to adapting to new technology, but this is done the other way around. Justifying massive cuts on the grounds of future expectations for AI and process integration is very difficult to understand. It should be about investing in employees, because learning and development are fundamental to converting technology into business impact,” says Kasper Skovgaard Pedersen and continues: 

"Now, we need to be there for our colleagues. We'll be watching the implementation of the plans closely and also the consequences for the affected and remaining employees, because these plans will have a profound effect."