Stockholm-based Nordea Bank will shed almost 2,000 jobs by the end of 2012, Financial Times reports. The job cuts account for about 6 percent of the bank’s total headcount of 34,000. The move is a part of the bank’s target to meet a 15 percent return on equity against 11.7 percent in the first half of 2011. The lender is seeking to shed 500 to 650 employees each in Denmark, Finland and Sweden, while 200 to 300 jobs will be slashed in Norway.
Click here for the story from Financial Times.
Click here for additional coverage from Bloomberg.