Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Financial services group OP-Pohjola has announced redundancies of up to 915 persons from its banking and insurance business. The group is starting negotiations with employee representatives on the cuts, which could include 700 dismissals and the outsourcing of additional 215 jobs.
OP-Pohjola was formed in 2005 when the cooperative banking group OP bought insurance group Pohjola, which made it the largest financial services group in Finland. The company states that it needs to improve its profitability in anticipation of tighter regulation and continuing financial instability. The group seeks annual savings of 150 million Euros, starting 2013. The proposed lay-offs of 700 employees and outsourcing of 215 would not have an impact on 200 local cooperative banks, it is reported.
Union representatives have criticised the proposed redundancies as disproportionate. They note that the group has shown good profitability despite the challenges in the financial markets and even hired new personnel last months.
Eurofound (2012), OP-Pohjola, Internal restructuring in Finland, factsheet number 74159, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/74159.