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Swedbank Cuts Jobs as Low Interest Rates Hurt Profit Outlook

2014-10-21 15:56:34| Appliances - Topix.net

Swedbank AB, Sweden's biggest mortgage lender and the largest bank in the Baltics, will cut as much as 5.5 percent of its staff to try to adjust to the low rate environment created by unprecedented central bank easing. The bank will cut 600 to 800 jobs in the coming two years, mainly through attrition, and aims to lower costs "towards 16 billion kronor" in 2016 from 16.6 billion kronor in 2013, the Stockholm-based lender said in a statement today.

Tags: low jobs interest rates

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