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So far, the majority of Nordea’s wholesale banking cuts have hit Russia

Happy Employees

Nordea is still implementing around 2,000 job cuts and, as we’ve pointed out previously, is relying on voluntary redundancy and natural attrition. So far, its investment bank has been relatively unscathed – in the Nordic region at least.

Around 1,100 people have left the bank, but year-on-year its wholesale banking headcount is down by just 149. The only sector within this where staff numbers have decreased significantly is within its Russian banking business.

163 people have departed since 2010, whereas headcount has largely remained stable elsewhere in its wholesale banking division. In its capital markets division, headcount has even increased by 73 people year-on-year.

This is no surprise – Nordea has already suggested that headcount in its investment banking unit would only be cut back as a last resort and that back office and retail staff were more likely to be on the receiving end of redundancy.

All of these job cuts don’t appear to be having an adverse affect on morale. Nordea is keen to point to the results of its ’employee satisfaction’ survey, which attracts a 94% response rate. 72% of staff surveyed are ‘satisfied and motivated’, it says, which is broadly in line with the last two years.

Still, perhaps the public backlash against banking is starting to have an effect – 76% of respondents are now proud to tell others where they work, down from 82% in 2009 and 2010…

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