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Pohjola Pankki Oyj's Information and Consultation of Employees Process Comes to End; Company Cuts 281 Jobs

Monday, 10 Dec 2012 07:00am EST 

Pohjola Pankki Oyj (Pohjola) announced that as part of Pohjola Group's reorganization program, the procedures for information and consultation of employees, as referred to in the Finnish Act on Co-operation within Undertakings, covering all Pohjola personnel groups have come to an end. As a result, Pohjola Group will cut 281 jobs. Of these, redundancies will total 113 and 168 employees will leave the Group through other arrangements. In addition, 22 jobs will be outsourced to service providers outside OP-Pohjola Group. When the process began September 24, 2012, the estimated layoffs amounted to a maximum of 310 and the estimated number of outsourced jobs was around 90. Centralizing processes and operations within OP-Pohjola Group Central Cooperative Consolidated forms an integral part of this reorganization program, whereby 618 employees will transfer from Pohjola Group to other companies within OP-Pohjola Group Central Cooperative Consolidated. The original proposal involved internal transfers of 580 Pohjola Group's employees to other companies within OP-Pohjola Group Central Cooperative Consolidated. For Pohjola, the program is aimed at achieving annual cost savings of around EUR 50 million by the end of 2015, job cuts accounting for 40% of the estimated cost savings. The remaining cost savings will arise from eliminating overlapping activities and standardizing practices within the framework of OP-Pohjola Group Central Cooperative Consolidated's reorganization program. 

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