Disappearing bank jobs won't be coming back, says Nordea CEO

The industry is already a lot cleaner than it was before the financial crisis

The 6,000 job cuts announced last week at Nordea Bank AB are just a down payment for an industry facing a radical overhaul, says Chief Executive Officer Casper von Koskull.

“If somebody says, where are we, or where are banks, 10 years from now, banks could easily have half what they have today,” in terms of personnel, von Koskull said in an interview in London on Friday.

Nordea last week stunned unions, analysts and investors when it revealed the staff reductions, which amount to well over a tenth of the workforce of the Swedish bank. Unions called the step “shocking” and “brutal.”

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