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OP Financial Group to cut up to 290 jobs in overhaul

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OP Financial Group to cut up to 290 jobs in overhaul

OP Financial Group will eliminate up to 290 jobs as part of a planned overhaul of its central cooperative aimed at cutting €18 million in costs by the end of 2020.

The Finland-based financial services group said it plans to simplify the structure of the central cooperative and boost self-management in support functions, with internal services provided by the group services and group support function to be integrated into other functions of the cooperative.

The restructuring will cover roughly 1,900 employees. In light of the cuts, the group said it has a significant number of vacancies that it plans to offer to workers at risk of redundancy.

The group will discuss the plan with employee representatives, with the process to begin Oct. 7 and last at least six weeks.

"Our goal is that the self-directed practices will be adopted throughout the OP central cooperative during 2020," said Hannakaisa Länsisalmi, the group's executive vice president for human resources.