Overview of Restructuring Costs#
Nordea Bank Abp has announced that it will record restructuring costs of €190 million in the first quarter of 2026. This move is part of the bank's broader strategy aimed at improving operational efficiency by the year 2030.
Impact on Workforce#
The restructuring efforts will involve changes to the bank's workforce, affecting approximately 1,500 employees over the course of 2026 and 2027. These changes will be subject to negotiations and consultations with relevant unions. Nordea has committed to supporting impacted employees through reskilling and upskilling initiatives, as well as providing internal job opportunities.
Financial Outlook#
The restructuring costs will be classified as an item affecting comparability, meaning they will not be included in Nordea's financial outlook for 2026. The bank aims for a return on equity exceeding 15% and a cost-to-income ratio around 45%, excluding regulatory fees.
Long-term Strategy#
This restructuring is aligned with Nordea's financial goals set for 2030, which were outlined during its Capital Markets Day in November 2025. The bank's strategy emphasizes the use of technology, data, and artificial intelligence to enhance customer processes and streamline its operations. Nordea aims to achieve at least €600 million in annual cost savings by 2030, with a targeted return on equity of over 15% during the period from 2026 to 2030, and a cost-to-income ratio of 40-42% by 2030.