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Nordea to cut 400 jobs in Poland


2012-04-25



Nordea Bank Polska, the Polish unit of the Scandinavian financial services group, on 24 April announced plans to close up to 60 branches and to axe up to 400 jobs, as part of a new strategy designed to lay foundations for sustainable long-term growth amid a tougher market and regulatory environment in Europe.

In line with its heightened focus on revenue growth, cost reduction and improved capital efficiency, Nordea Bank Polska aims to turn its retail-banking operations into an advisory bank based on modern technology, with an enhanced presence in internet and mobile banking, whereas in corporate banking it will continue its time-tested model or relationship banking, the group said in a statement.

Nordea is the latest foreign bank to announce a restructuring of its Polish operations in recent weeks. Bank BPH, a unit of GE Capital, plans to cut up to 600 jobs, or nearly 10% of its workforce, by the end of November, while Citi Handlowy, the Polish unit of Citibank of the US, will axe up to 590 jobs (11%) and shut down around 60 branches (40%) over 2012-2015.



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