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Swedbank is cutting in Sweden and the Baltics
Tuesday, 13 December 2011
Swedbank is cutting workers by 600 people in Sweden and the Baltics, said the Swedish banking giant according to Reuters news agency.

The move is expected to cost Skr330 million, which will pull down the results for the fourth quarter, reports Reuters, referring to the bank's CFO Göran Bronner as information source.
Swedbank has been forced to take action following rumour over last weekend which say its customer withdrew their savings from the company for fear that it was going bust.

The financial Sector worker’s Union, which organizes the staff in the banking sector, has not received any information from Swedbank on how many employees it intends to dispose of when the bank implements its savings plans, according to Leif Karlsson, CIO at the Unionen.

According to Karlsson, usually the union is informed in advance before the bank goes out with this type of information.
"The union should know about that Swedbank has decided x number of people. But we do not. I've even checked with the club in the bank, "he adds.

This year's reduction plans within Nordea, Swedbank and SEB, is resulting in a year where the number of employees of banks in Sweden increased by 600 persons to a total of 38,400.

This includes also foreign-owned banks, Danske Bank, with over 1,200 employees.
Swedbank, with over 8200 employees in the country, is the largest employer in the banking sector.

Unionen has been informed about how many and which employees are affected by the downsizing plans, according to Thomas Backteman, communications director at Swedbank.
"We have an ongoing dialogue with our trade unions and this is information that should be familiar to them.”

According Backteman a large part of the cuts is handled by retirements. 300 people are already on their way for retirement and this will just help them move there fairly quickly in the bank, “especially since we now have quite a large number of retirements in front of us in the coming years."

According to Backteman the cut will primarily be on staff within the administrative staff and Swedbank employees who work with large corporate and institutional clients.
By Scancomark.se Team

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Swedband to cut workers more than previously thought

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