Nordea, the largest bank in the Nordics, said Tuesday that it was cutting some 1,500 staff as part of a cost-cutting programme.
The bank in November said it was targeting cost savings of at least 600 million euros ($690 million) by 2030.
In order to execute the strategy, it would book restructuring costs of about 190 million euros in the first quarter of 2026, the bank said in a statement.
“The restructuring costs relate primarily to changes in the workforce composition and include skill shifts leading to a reduction in the number of employees,” Nordea said.
It added that approximately 1,500 employees would be impacted in 2026 and 2027.
The company had roughly 29,000 employees at the end of 2025.
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As one of the leading banks in its home markets — Denmark, Finland, Norway, and Sweden — Nordea has said it will aim to leverage its Nordic scale to cut costs while also investing in technology and AI.
“With Nordic scale, the impact of AI and process optimisation, Nordea expects to have fewer employees in the future than today,” the company said.
AFP
