| Contact Us | About UsAdvertisement | 
Weather Forecast


As Nordea cuts down and layoff workers, it spends millions buying luxury apartment for its CEO
Thursday, 03 November 2011
Yesterday we reported that Nordea will be laying off thousands (2,000) of workers in its Nordic market blamed for slow business activities and its drive to cut down costs. It turns out that the cost the bank will want to boost is that which give its CEO, Christian Clausen the most luxurious living standard ever dreamt of.

Reports from various Nordic news sources report that while Nordea is reducing its staff by 2,000 people the bank is investing in designing a pretty and luxurious residence for its CEO Christian Clausen.

The Swedish newspaper, Svenska Dagbladet hold this report and can confidently reveal that Nordea has paid Skr 22.5 million (nearly EUR 2.6 million) for a flat for Clausen in Östermalm in Stockholm, Sweden.


It will be refurbished for an additional sum of about Skr10 million (just over 1.1 million euros). The six room apartment of 256 sq.m. is located at Narvavägen is in a district that  houses several embassies.

Clausen would not comment on the deal itself, because it is a decision that was taken by the company board. But Nordea’s communications director, Jan Larsson explains that the bank wants to recruit the most suitable CEO, and this could come from any of the countries in the Nordic region and beyond. Therefore who ever is recruited should be able to live and work comfortable in Stockholm.

Since Clausen is the one, he should be able to live and work in Stockholm, although his family and home is in Denmark. Larsson told Svenska Dagbladet that the CEO is expected to use his apartment for the representation and that it will also cost effective.

He sees no problem in that while Nordea is trimming its workforce in the name of cutting cost blamed on the economic situation and then they are spending big on luxuries. He claims that the decision to buy the apartment was already made almost a year ago.

Swedish Financial Markets Minister Peter Norman writes in a comment that he "understands that customers and staff will be provoked.” Norman, however, pointed that the State has not participated in the action or otherwise contributed to the decision to buy the apartment.

The Minister would not give in an interview but in a written statement, he writes this:
"This comes after a time with a lot of negative publicity for Nordea. I understand that customers and employees will be provoked. Banks operate in a trust business and they should not take their customers for granted."
Norman adds: "The state has not attended or otherwise contributed to the decision to buy the apartment."
By Scancomark.se Team

| Print Friendly and PDF| Write to the editor | Complaint about this article | Make a Comment |

What do you think about the above article? Please leave us a comment and reaction. Thank you.
  • Should be Empty: