Assessment of Nordea’s upheaval: “Not necessarily coming to see”

Big ones reorganizations told in March in Nordea there have been smaller team- or unit-specific change negotiations instead of extensive negotiations involving the entire staff, said a journalist who follows the financial sector Damn Mauno Directly from Kauppalehti In the Talousamau program on Tuesday.

In March, Nordea announced that it would initiate restructuring aimed at changing the personnel structure in order to implement the 2030 strategy. The goal is to improve the bank’s efficiency and strengthen competitiveness in the long term.

The changes are estimated to affect approximately 1,500 employees in 2026–2027 and bring annual savings of at least 150 million euros from 2028.

Already in February was reportedthat Nordea will reduce 271 jobs from its technology-related functions.

According to Mauno, negotiations have also taken place at least in the anti-money laundering unit and support functions, where tasks are automated and the need for human labor is reduced.

“Financial management has been safe, so to speak. The bank is growing in financial management,” explained Mauno.

The journalist who hosted Tuesday’s Talousaamu Heidi Huotilainen asked Mauno what to expect next in Nordea’s restructuring.

“It may be that we will not necessarily see an equally extensive change negotiation at the level of the entire group, which would be widely publicized,” Mauno surmised.

Instead, according to Mauno’s assessment, changes to personnel will continue to be made slowly locally and per unit or team.

Read Hellevi Mauno’s broader analysis of Nordea in full here: Behind the scenes at Nordea, the changes are already in full swing

On Tuesday’s broadcast, OP-Pohjola’s chief strategist Lippo Suominen reflected on the strong rise in the stock market, and Sinikukka Saari, a leading researcher at the Institute of Foreign Policy, analyzed the situation of Russia’s war of aggression in Ukraine. You can watch Tuesday’s Economic Morning in its entirety below.