Nordea Bank has announced plans to slash at least 6,000 employees in order to reduce costs and boost competitiveness.

The bank, which currently employs around 31,500 staff mainly in Finland, Sweden and Denmark, said that the move will affect about 2,000 consultants.

As a result of the move, the bank will take a ‘transformation charge’ of €100m to €150m in the fourth quarter of 2017.

In its third-quarter results, Nordea Bank CEO Casper von Koskull said: “We are almost two years into the transformation of Nordea. Since investments are starting to deliver, it is time to enter the next phase, in which we see that we can structurally bring down costs and increase efficiency. This transformation would not have been possible without our strong balance sheet and robust business model.”

The latest move comes shortly after the banking group decided to relocated its headquarters from Stockholm to Helsinki last month.