SpareBank 1 Nord-Norge offers around 150 staff severance agreements

On 22 September 2015, SpareBank 1 Nord-Norge announced that the Group would restructure its operations due to greater digitalisation and changes in customer behaviour. It warned that the changes would result in over-staffing that the Group would try to resolve by offering staff voluntary severance agreements. The expected net reduction in the number of full-time equivalents in the Parent Bank was reported to be a minimum of 10 per cent.

It is now clear that around 150 severance agreements will be signed due to the voluntary process - compared with the previously indicated figure of 100. The net percentage reduction in the number of full-time equivalents in the Parent Bank towards the end of 2016 is expected to be almost 15 per cent compared with the number of full-time equivalents at the start of 2015.

Non-recurring costs in the region of NOK 150 million will be incurred in connection with the downsizing process. NOK 45 million of this has been set aside as per the third quarter. The remaining amount will be recognised as costs in the fourth quarter of 2015.

Further information about the financial target figures will be prepared and communicated in connection with the presentation of the interim annual financial statements for 2015.

SpareBank 1 Nord-Norge, 26 November 2015

Contact people:
CFO Rolf Eigil Bygdnes, mobile no. +47 905 19 774
CEO Jan-Frode Janson, mobile no. +47 909 75 183
Communications Director Geir Håvard Hanssen, mobile no. +47 950 52 001

About Us

SpareBank 1 Nord-Norge is a leading provider of financial products and services in North-Norway. In addition to loans, deposits and payment transmission services, this also comprises most other savings products, as well as life- and non-life insurance products. Services and products are made available either by the bank and its subsidiaries, or through SpareBank 1 Gruppen AS's product companies.

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