The Stockholm-headquartered Nordea Bank announced thousands of job cuts in their quarterly report on Thursday.
The bank, known as the biggest lender in the Nordic region, wrote in its the quarterly report that in order to stay competitive over the long term, it plans to reduce the number of employees by at least 4,000 and consultants by at least 2,000.
The planned cuts are part of a “transformation” they hope to have completed by 2021.
Casper von Koskull, Nordea’s President and CEO told Bloomberg.com tha the cuts were about a shift to a “truly digital” bank.
“It’s not a cost-cutting exercise. It’s about creating an operating model which is much more digital distribution,” von Koskull told Bloomberg.
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