BRIEF-Pohjola Pankki says to cut 281 jobs

Mon Dec 10, 2012 7:06am EST

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Dec 10 (Reuters) - Pohjola Pankki Oyj : * Says will cut 281 jobs. of these, redundancies will total 113 and 168

employees will leave the group through other arrangements * Says in addition, 22 jobs will be outsourced to service providers outside

op-Pohjola Group * Says 618 employees will transfer from Pohjola Group to other companies within

op-Pohjola Group * Says For Pohjola, the programme is aimed at achieving annual cost savings of around 50 million euros by the end of 2015, job cuts accounting for 40% of the estimated cost savings * Says expects to achieve an estimated 50% of the total annual cost savings of 50 million euros in 2013, 30% in 2014 and the rest by the end of 2015 * Says non-life Insurance is anticipated to account for over 60% of the source of the cost savings, Banking for slightly over 30% and Asset Management for the rest

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