Swedish bank Nordea to lay off 2,000 staff

AP News
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Posted: Aug 29, 2011 6:52 AM
Swedish bank Nordea to lay off 2,000 staff

The Nordic region's largest bank Nordea AB says it will lay off around 2,000 employees in 2011 and 2012, partly due to the increased costs imposed by new global bank regulations.

The bank Monday said it has started negotiations with unions in Sweden, Finland and Denmark to lay off between 500 and 650 staff in each country. It has also started negotiations with unions in Norway to reduce its work force there by between 200 and 300 people.

The bank said the "increased costs imposed by new global regulation will create challenges for all banks," and the layoffs are part of a scheme to maintain its place among the top-league banks in Europe.