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Nordea Bank is reorganizing its USD 390 billion wealth business

Nordea Bank Abp is reorganizing its wealth and asset management unit as part of a years-long program to make the largest Nordic bank more streamlined across the countries in which it operates.

Chief Executive Officer Frank Vang-Jensen is under pressure from shareholders to make the bank more efficient and drive up profits. Earlier on Tuesday, New York-based hedge fund Elliott Management Corp. said Nordea continues to underperform and called on its biggest shareholder, Sampo Oyj, to dump its entire stake. | Photo: Jens Dresling

The Helsinki-based bank is merging private banking units and investment and securities advisory operations into single wealth management units in each of its four main Nordic markets, according to posts on LinkedIn that were confirmed by the bank’s spokesman.

The “simplified” organization will bring Nordea “closer to customers,” spokesman Tuomas Forsell said in an emailed reply to questions on Tuesday. The changes won’t result in job cuts, but the positions of Nordic head of private banking and Nordic head of investment and security advisory services will be eliminated, he said.

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