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Nordea Plans to Cut 2,000 Employees by 2013 to Lift Profits

Nordea AB, the Nordic region’s biggest bank, said it plans to cut a total of 2,000 workers and has started talks with unions on the reductions to trim costs and boost profits.

“To increase efficiency is never easy,” Chief Executive Officer Christian Clausen said today in a statement. “But we will act early and from a position of strength. By initiating measures to increase profitability early, we safeguard our good rating, competitive funding and thus our ability to offer products and services at the right price to our customers. The alternative - to wait and see - is not an option,” he said.