Nordea Bank Abp will record a €190 million restructuring charge in the first quarter of 2026. This charge equals approximately $219 million. The investment supports a long-term strategy to improve profitability through artificial intelligence and data.
The bank will cut approximately 1,500 jobs during 2026 and 2027. This reduction represents 5% of the total workforce.
The plan modernizes technology systems and customer processes across the Nordic region. Nordea expects annual cost savings of at least €150 million starting in 2028. The bank targets €600 million in gross annual savings by 2030.