"After careful consideration, we have concluded that the increasingly complex regulatory frameworks do not support us in delivering the level of value we intend for our clients," Martin Persson, head of large corporates and institutions at Nordea, said in the release. "The arrangement with Citi supports our strategic objective with increased Nordic focus. Our clients that transition to Citi can be confident that their short- and long-term needs are catered for in the best possible way." Nordea plans on no layoffs as a result of the decision.