Nordic Banks Plan Job Cuts as Compliance Units Face Overhaul
- Nordea says processes will be automated to aid efficiency
- Shift is industry wide as human labor is gradually phased out
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The biggest Nordic banks are taking a long hard look at their compliance units after a recent hiring spree.
Mikael Bjertrup, the head of financial crime prevention at Nordea Bank Abp, says banks initially ramped up compliance so fast they weren’t able to focus on efficiency in those departments. Nordea has been working on the issue for a while, and made clear last year that jobs will be shifted toward automation.