Nordea’s Massive Job Cut Is Not the Last of Its Kind for the Banking Industry
Nordea Bank AB’s massive job cut is just the beginning of what might become of the banking industry, according to the bank’s CEO Casper Von Koskull.
In an exclusive interview with Bloomberg released Sunday, Koksull said:
If somebody says, where are we, or where are banks, 10 years from now, banks could easily have half what they have today.
Last week Nordea announced it will be cutting a staggering 6,000 jobs by 2021. The layoffs were attributed to the bank’s effort to go digital in core banking areas.
Indeed, Koskull’s comments reflect on some truth. According to the same Bloomberg article, the employees in European banking sector has shrunk by 14% since 2008.
Koskull added:
This is not a cost cut, per se, it is a way of doing business differently, where you need less people.
Read more at Bloomberg and ComputerWeekly.
