September 10, 2019 / 9:47 AM / a month ago

Nordea executives to leave as new CEO makes first mark

FILE PHOTO: A flag flutters over the Nordea bank headquarters in Helsinki, Finland, May 5, 2017. REUTERS/Ints Kalnins/File Photo

STOCKHOLM (Reuters) - Finland’s Nordea (NDAFI.HE) said on Tuesday that two senior executives, including its chief operating officer (COO), would leave the banking group, marking the first moves under newly appointed CEO Frank Vang-Jensen.

Vang-Jensen, known for a keen focus on costs, was appointed CEO at Nordea last week.

The bank said it had been agreed that COO Torsten Hagen Jorgensen and chief people officer Karen Tobiasen would leave the group as the bank looked to revise its leadership after undergoing significant changes in recent years.

Nordea moved its headquarters to Helsinki from Stockholm last year in a bid to trim costs and ensure more of its business fell under European rather than Swedish banking regulations.

“After a successful re-domiciliation to the European banking union and important efforts in the areas of risk and compliance, Nordea has entered a new phase,” Nordea said in a statement.

“As part of this new phase, Nordea will rationalize its governance and senior leadership structure and remove the combined Deputy CEO and Group COO roles.”

Reporting by Johannes Hellstrom; editing by Niklas Pollard

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