Swedbank

Type
Internal restructuring
Country
European Union
Region
Location of affected unit(s)
Sector
Financial / Insurance/ Estate
64 - Financial service activities, except insurance and pension funding
64 - Financial service activities, except insurance and pension funding
64 - Financial service activities, except insurance and pension funding
3,600 jobs
Number of planned job losses
Job loss
Announcement Date
17 July 2009
Employment effect (start)
Foreseen end date
1 June 2010

Description

Swedbank, a Swedish bank, has announced that it will reduce its workforce by 3600, with job losses occurring across the EU.

Swedbank has suffered after aggressively lending in the Baltic states, which are now in deep recessions.  It has recorded losses of 182 million euros in the past year.

Sources

Citation

Eurofound (2009), Swedbank, Internal restructuring in European Union, factsheet number 69286, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/69286.