Nordic United Bank will record €190 million in restructuring costs in the first quarter of 2026

Investing.com – Nordea Bank Abp (NASDAQ:NRDBY) announced on Tuesday that as part of its 2030 strategic plan, it will record €190 million in restructuring costs in the first quarter of 2026 to drive structural efficiency improvements.

The restructuring measures focus on changing the composition of the workforce, with an expected annual cost reduction of at least €150 million starting from fiscal year 2028 after completion.

It is estimated that approximately 1,500 employees will be affected in 2026 and 2027, depending on negotiations and consultations with relevant unions.

These costs are mainly related to changes in workforce composition, including reductions due to skill shifts. Nordea Bank stated it will support employees through retraining, skill enhancement, and internal opportunities.

Restructuring costs will be considered as items affecting comparability and will be excluded from Nordea Bank’s 2026 financial outlook. The bank’s financial targets for 2026 include a return on equity of over 15% and a cost-to-income ratio of about 45% (excluding regulatory costs).

The planned restructuring supports the achievement of Nordea Bank’s 2030 financial goals announced at the November 2025 Capital Markets Day. Technology, data, and artificial intelligence are central to the bank’s 2030 strategy, aiming to transform local customer processes into a Nordic-wide value chain and to reduce, simplify, and modernize technology systems and infrastructure.

Nordea Bank’s goal is to achieve at least €600 million in annual total cost savings through Nordic-scale initiatives by 2030. The bank aims to maintain a return on equity above 15% from 2026 to 2030 and to significantly improve it by 2030, while reducing the cost-to-income ratio to 40-42% in 2030.

This article was translated with the assistance of artificial intelligence. For more information, please see our Terms of Use.