Nordea Restructures: €190M Costs, 1,500 Jobs Impacted

This plan involves changes to the workforce composition, including skill shifts and a reduction of approximately 1,500 employees across 2026 and 2027, subject to union negotiations. While incurring these near-term expenses, which will be treated as an item affecting comparability and excluded from Nordea’s 2026 financial outlook, the bank anticipates annual cost reductions of at least €150 million from 2028.

The restructuring is crucial for achieving Nordea's ambitious 2030 financial targets, which include a return on equity greater than 15% (and significantly higher by 2030) and a cost-to-income ratio of 40-42%. Central to this strategy is leveraging technology, data, and AI to transform customer processes and modernize IT systems, targeting €600 million in annual gross cost take-out by 2030 through Nordic-wide initiatives.

This strategic pivot underscores Nordea's commitment to long-term profitability and operational excellence.