NORDEA, a social tragedy in the making?

On Thursday, 25 January 2018, employees at the Swedish bank NORDEA were hit by the news of an unfolding social tragedy

Without warning, management announced that a part of the bank’s activities, including private banking and the back office, would shortly be transferred to UBS Luxembourg. This transfer was said to affect 150 people.

ALEBA is the major union at the bank, and its employee representatives and Coordination Service were immediately mobilised and present on the ground following this dreadful news.

On Friday, 26 January, ALEBA held meetings with the employee representatives, then with the Labour and Mines Inspectorate (ITM) and management, and finally with the Joint Works Council.

On Monday, 29 January, a second Joint Works Council meeting was called, with management, employee representatives and all ALEBA and OGBL unions. In fact it appears that 200 employees will not be taken over by UBS Luxembourg, and that NORDEA does not currently envisage a rescue package for these employees.

So today, these employees have no assurances whatsoever as to their future.

Today ALEBA’s priority is to reassure everyone, guaranteeing an on-site presence and substantial means to identify the most favourable solutions for employees via constructive social dialogue with the various parties.

In concrete terms, ALEBA is organising a plenary meeting to be held at the earliest opportunity for all of the bank’s personnel. In the meantime, employees can contact ALEBA’s Coordination Service by telephone (+352 671 223 203) or email (