biggest nordic bank nordea to cut 6000 jobs
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Biggest Nordic bank Nordea to cut 6,000 jobs

Arab Today, arab today

Arab Today, arab today Biggest Nordic bank Nordea to cut 6,000 jobs

Stockholm - AFP

Nordea, the biggest bank in the Nordic region, said Thursday it would slash 6,000 jobs to improve competitivity, as it posted a six-percent drop in third-quarter net profit due to historically low interest rates weighing on margins.

"In order to secure longterm competitiveness, we ... plan to reduce the number of employees and consultants (by) at least 6,000," chief executive Casper von Koskull said in the company's earnings report.

Some 2,000 consultants will be let go, as well as 4,000 employees across the Nordic region, representing 13 percent of the bank's workforce, over a period of three to four years.

Von Koskull said the cuts were necessary to face the rapid growth of online banking services.

"We're building the digital bank of the future... Our clients wants to meet us digitally ... and that means fewer direct employees," he told Swedish public radio SR.

Nordea said it would book a "transformation cost of 100-150 million euros in the fourth quarter of 2017."

For the July-September period, Nordea posted a six-percent decrease in net profit to 832 million euros ($978 million), weighed down by the Swedish central bank's decision to keep interest rates at a record low -0.50 percent since February 2016.  

Nordea's total operating income dropped by four percent to 2.4 billion euros.

It said the third quarter "featured improving economic conditions despite elevated geopolitical risks", but noted that demand for corporate loans was "low and we have not seen the usual pick-up in corporate advisory activities after the summer."

Net interest income inched up by one percent to 1.18 billion euros. 

Nordea announced in September that it would relocate its head office from Stockholm to Finland, a eurozone member, in order to flee higher Swedish banking taxes. 

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

biggest nordic bank nordea to cut 6000 jobs biggest nordic bank nordea to cut 6000 jobs

 



GMT 15:56 2013 Thursday ,31 January

Business with pleasure

GMT 08:43 2017 Friday ,17 November

Bulldog Skincare For Men launches Age Defence Range

GMT 21:42 2017 Friday ,08 December

Al Masly: country’s market attractive

GMT 10:16 2015 Sunday ,25 October

Robot adapts speech to get your attention

GMT 16:47 2017 Friday ,08 September

Pakistan not to take brunt of others fiasco: Air Chief

GMT 06:10 2017 Tuesday ,07 March

Cultural gems that are part of world heritage

GMT 10:27 2015 Monday ,06 July

Mini to launch ‘Clubman’ in 2016

GMT 07:05 2017 Monday ,06 November

Young Engineers in the Making at SIBF 2017

GMT 17:05 2017 Saturday ,07 October

Formula One: Hamilton one of best all time, says Wolff

GMT 10:25 2017 Thursday ,14 September

Greece fumbled oil spill response

GMT 10:21 2017 Thursday ,26 October

US Congress passes $36.5 bn

GMT 20:19 2017 Wednesday ,16 August

Uber bows to Philippines suspension

GMT 11:29 2017 Sunday ,12 February

10 home remedies to cure varicose veins

GMT 08:51 2018 Monday ,03 December

Israeli forces arrest 24 Palestinians in West Bank

GMT 15:00 2018 Monday ,01 October

"Iran’s choice" Between Syria and Pakistan

GMT 14:13 2018 Friday ,28 September

Kingdom will take major strides with Vision 2030
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday