Nordea Securities reduces staff and adjusts costs to the current market situation

Nordea Securities reduces staff and adjusts costs to the current market situation Nordea Securities is about to finalise a cost cutting programme as a result of the current market conditions in investment banking. This will result in redundancies in Nordea Securities of approximately 100 persons. " We need to structure the organisation in accordance with the current market situation and ensure that Nordea Securities will become a profitable and strong investment bank. As part of the largest financial group in the Nordic area Nordea Securities has a unique position to become a natural partner for Nordic companies and institutions within the investment banking area. But we can only become strong by being profitable", says Frans Lindelöw, Head of Nordea Securities. The estimated number of staff affected is approximately 100 out of 560 and will involve all countries and functions across Nordea Securities. The process will be implemented separately in each country depending on local law and legislation in the respective country. The ambition is to inform all affected staff before the end of October. For further information: Frans Lindelöw, CEO Nordea Securities, +46 8 407 92 01 Erik Evrén, Group Media Relations, +46 8 614 86 11 Nordea is the leading financial services group in the Nordic and Baltic Sea region and operates through three business areas: Retail Banking, Corporate and Institutional Banking, Asset Management & Life. The Nordea Group has more than 10 million customers, 1,245 bank branches in 22 countries. The Nordea Group is a world leader in Internet banking, with 3.1 million e-customers. The Nordea share is listed in Stockholm, Helsinki and Copenhagen. www.nordea.com ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2002/09/19/20020919BIT00120/wkr0001.doc http://www.waymaker.net/bitonline/2002/09/19/20020919BIT00120/wkr0002.pdf