OP-Pohjola initiates restructuring talks for insurance and retail banking staff

OP-Pohjola launched restructuring negotiations for its insurance subsidiary and its retail banking operations in early October. Employees in both areas are included in the discussions, which may result in the removal of certain positions and the establishment of new ones. Management points to evolving ways customers conduct business, growing competitive pressure, and a reallocation of duties between the central entity and cooperative banks as drivers for the changes.

The insurance side will negotiate first, followed by the retail banking side a few days later. Both sets of talks are projected to continue for a minimum of three weeks, with the company aiming to balance job cuts with the creation of fresh opportunities for affected staff.