Nordea, the largest bank in the Nordics, announced on Tuesday plans to reduce its workforce by around 1,500 employees as part of a broader cost-cutting programme.
The bank, which operates across Denmark, Finland, Norway, and Sweden, aims to achieve at least €600 million ($690 million) in savings by 2030. To implement the strategy, Nordea said it will record restructuring costs of roughly €190 million in the first quarter of 2026.
“The restructuring costs relate primarily to changes in the workforce composition and include skill shifts leading to a reduction in the number of employees,” the bank said in a statement. The workforce reductions are expected to take place throughout 2026 and 2027.
Nordea emphasized that it plans to leverage its Nordic scale while investing in technology and artificial intelligence to streamline operations. “With Nordic scale, the impact of AI and process optimisation, Nordea expects to have fewer employees in the future than today,” the statement added.
