Business News

Tieto starts personnel adjustments to address the weakened market conditions

Thursday 26. February 2009 - Due to the continuous deterioration of the macroeconomic environment and its impact on demand for IT services in certain industry sectors on Tieto's main markets,

Tieto will start personnel negotiations regarding employee reductions in selected operating countries mainly in Northern Europe. The company expects these actions to affect altogether approximately 350 employees, of which approximately 170 will be in Sweden. The rest 180 redundancies are distributed rather evenly between Denmark, Norway, Germany, the UK, Latvia and India. Finland is not included in this process.

CEO Hannu Syrjälä says: “The downturn of the overall economy has continued and this has lead to cautiousness in IT investments among our customers in certain industry sectors. We are taking actions to address this change in demand and to reduce overall costs.”

Tieto currently employs 16 600 persons of which approximately 6 600 work in Finland, 3 500 in Sweden and the rest in other countries.