Swedbank to cut costs following dismal earnings

  • 2012-02-22
  • Staff and wire reports
VILNIUS - Swedbank is set to drastically slash costs after the company reported a major drop in profits during the fourth quarter of last year.The bank, which is the largest lender in the Baltic states, saw it’s profits drop by 65 percent in the fourth quarter of last year. The dismal earnings have prompted the bank to announce that it will cut costs by 1 billion Swedish kronor ($150 million) this year, Bloomberg reports.“The current macroeconomic outlook is very uncertain and there is a clear risk of recession in Europe,” Chief Executive Officer Michael Wolf sa...
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