HELSINKI: The Finnish’s OP financial group decided to decrease nearly 278 employees. The provider of financial services has cited radical changes in the financial sector .In February, employees of OP Financial Group expressed their disapproval with what they argued was a surprisingly high redundancy target.
Last year, OP Financial Group reported operating profits before taxes of €915 million, representing a 31 per cent increase from the previous year and the second best annual result in its history.The negotiations did not concern the entire financial services group, such as its cooperative banks. At the end of last year, OP Financial Group provided employment to a total of 12,350 people.
OP Financial Group has continued to shed personnel over the past three years as part of its attempts to reduce overlap and to adapt to both a bleak economic outlook and low interest rates. At present, it is seeking to re-organise its operations under three business units: banking, insurance and fund anagement.The financial services provider shed and outsourced a total of 700 positions in central administrative and insurance-related functions in the latter half of 2012. A year later, it outsourced approximately 500 positions in software development and administration to joint ventures established with CGI and Accenture.
