Nordea to cut 1500 jobs as AI brings cost savings

ChainWatcher · 2026-03-17T11:13:05+00:00

Nordea plans to save $600 million by 2030 through a strategy called Nordic scale, which will lead to a workforce reduction of about 1,500 employees by 2027, incurring restructuring costs of €190 million in early 2026.

ChainWatcher

2026-03-17 11:13:05

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The Helsinki-based bank in November said it was targeting cost savings of at least $600 million by 2030 by using technology, data and artificial intelligence to help it become more profitable.

Dubbed Nordic scale, the strategy will result in restructuring costs of about €190 million euros in the first quarter of 2026.

“The restructuring costs relate primarily to changes in the workforce composition and include skill shifts leading to a reduction in the number of employees,” Nordea said in a statement. “With Nordic scale, the impact of AI and process optimisation, Nordea expects to have fewer employees in the future than today.”

It added that approximately 1,500 employees would be impacted in 2026 and 2027.

The company had roughly 29,000 employees at the end of 2025.

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