OP Group head office in Helsinki where statutory negotiations began on Monday. Photo – Lehtikuva.
Finnish OP Financial Group announced on Monday it will slash 380 jobs as part of a massive organizational restructuring plan.
The latest step of reform will affect over 4,300 employees in OP Group's cooperative operations and subsidiaries. The re-shuffle will result in around 380 job losses.
The group launched the plan to restructure its central management last April and introduced a management model last October.
It said the objective is to improve its ability for coping with slow economic growth in the country, drastic changes in the financial sector and digitization.
Founded in 1891, OP Financial Group is the largest financial service provider in Finland. It consists of 180 cooperative banks and their central organization.
By the end of 2014, the group had a total of 12,360 employees.
