OP-Pohjola Group's Information and Consultation of Employees Process Comes to an End

Press release, 10 December 2012

OP-Pohjola Group's Information and Consultation of Employees Process Comes to an End


As part of OP-Pohjola Group Central Cooperative Consolidated's reorganisation programme, the procedures for information and consultation of employees, as referred to in the Finnish Act on Co-operation within Undertaking, covering all personnel groups have come to an end.

As a result, OP-Pohjola Group Central Cooperative Consolidated will cut 561 jobs. Of these, redundancies will total 247 and 314 employees will leave the Central Cooperative through other arrangements. In addition, 150 jobs will be outsourced.

When the process began on 24 September 2012, the estimated layoffs amounted to a maximum of 700 and the estimated number of outsourced jobs was around 215. OP-Pohjola Group Central Cooperative Consolidated had 6,568 employees at the end of September.

The reorganisation programme is aimed at achieving annual cost savings of around 150 million euros by the end of 2015. Within the framework of the programme, the production of services for OP-Pohjola Group Central Cooperative Consolidated and OP-Pohjola Group member cooperative banks will be centralised in OP-Services Ltd that is undergoing a major transformation. Job cuts will account for a third of the total cost savings targets.

Teija Sarajärvi, Senior Vice President, HR Services, will comment on the reorganisation programme in OP-Pohjola Nyt (OP-Pohjola Now) broadcast available after 2 pm at: op.fi/uutishuone (in Finnish only).


For more information, please contact:
Teija Sarajärvi, Senior Vice President, HR Services, tel. +358 (0)10 252 1700
Carina Geber-Teir, Chief Communications Officer, tel. +358 (0)10 252 8394

(Please contact the Newsroom for media contacts directly with any requests for interviews, tel. +358 (0)50 523 9904 or viestinta@op.fi)



OP-Pohjola Group
OP-Pohjola Group is Finland's leading financial services group providing a unique range of banking, investment and insurance services. The Group's mission is to promote the sustainable prosperity, well-being and security of its owner-members, customers and operating regions through its local presence. Its objective is to offer the best and most versatile package of loyal customer benefits on the market. OP-Pohjola Group consists of some 200 member cooperative banks and the Group's central institution, OP-Pohjola Group Central Cooperative, with its subsidiaries and closely-related companies, the largest of which is the listed company Pohjola Bank plc.