Swedbank to cut jobs in Sweden and the Baltics

  • 2011-12-14

STOCKHOLM - Swedbank will liquidate 600 jobs in Sweden and the Baltic States to maintain profitability.

Goran Bronner, the bank’s chief financial officer, told Reuters about job cuts two days after Swedbank suffered a big outflow of funds in Latvia when people, affected by rumors of troubles in Swedish banks, rushed to withdraw cash out of their accounts. However, the panic has now calmed down.

Bronner said that some 300 jobs in the Baltics and a similar number in Sweden would have to be liquidated.

“The actions that are taken are going according to the plan and Swedbank will record a small restructuring charge of about SEK 330 million (23.4 million lats) in the fourth quarter,” he said.

Bronner said the restructuring charge was primarily related to the redeployment of staff in the Baltic countries and Sweden.