Nordea CEO Defends 'Shocking’ Job Cuts
- Bank surprised market and announcement sent shares plunging
- Move follows decision to move HQ to Finland from Sweden
Nordea CEO on Job Cuts, Relocating, MiFID
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Nordea Bank AB is again on the defensive as 6,000 job cuts -- and their cost -- surprise and anger everyone from unions to investors and analysts.
Denmark’s financial workers union called the decision to lose well over a tenth of Nordea’s workforce “shocking.” Finland’s bank union said the move was “brutal.” Analysts on a conference call challenged the credibility of management’s cost guidance, and investors sent Nordea shares down almost 7 percent at one point, making it among the day’s worst performers on Bloomberg’s index of European financial stocks. The shares opened little changed on Friday.