Nordea employees brace for job cuts as new CEO reviews costs

Nordea's employees are bracing for an acceleration in the pace of job cuts after the board replaced their chief executive officer with "a fearless boss".

Photo: 10030 Jonas Ekströmer/TT/TT NYHETSBYRÅN / TT NYHETSBYRÅ

“It is likely that the reductions will increase significantly and the timetable will be tightened,” Kari Ahola, an employee representative on Nordea’s board, told Bloomberg.

The comments follow Nordea’s announcement last week that it made Frank Vang-Jensen CEO after just two years at the bank.

The 51-year-old, who had run Nordea’s personal banking business, is replacing Casper von Koskull, who said in late June he wanted to
retire by next year when he turns 60.

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