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Sweden — Swedbank to cut 3,600 staff due to higher than expected second quarter loss

17 July 2009

Sweden’s fourth largest banking group reports second quarter losses of
SKR1.85 billion (€167.5 million) due to the recession in the Baltic region. Latvia, Lithuania and Estonia have suffered double digit contractions in their economies, the Financial Time reports today.

Swedbank is to cut 3,600 employees of its Baltic and other international workforce. This represents 17% of total staff.

The bank expects loan losses to continue to increase in the second half of the year but at a slower pace.

 

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