FINLAND - Evli Bank is to cut its staff compliment by 50. Since the end of 2000, Evli Group turnover has fallen by 47% and profit has declined by 82%.
The Group initially estimated at the beginning of employee negotiations that 70 jobs would have to be cut.
In addition to the personnel cuts, Evli has decided to close down its San Francisco office on December 31, 2001. Evli’s other offices, based in Helsinki, Stockholm and New York, continue operating normally.
The Luxembourg branch office will be opened at the end of 2001 as planned.
Evli said the personnel cuts and closure of the San Francisco office are cost-cutting measures aimed at ensuring competitiveness in the current market situation.
“With these measures, Evli is able to cut costs by 20% and to reach a balance between market demand and service supply,” it said.
By Janet Du Chenne
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