Swedbank is to cut 600 jobs in Sweden and the Baltic states and take a 330 million crown ($48 million) restructuring charge in the fourth quarter, the bank's chief financial officer said on Tuesday. After getting slammed by the 2009 financial crisis because of its exposure to Latvia, Lithuania and Estonia, Swedbank has recovered relatively quickly and now has one of the highest levels of capital among banks in Europe.
Goran Bronner, the bank's chief financial officer, told Reuters about the job cuts two days after Swedbank suffered a big outflow of funds in Latvia when people panicked by rumours of troubles at Swedish banks rushed to pull cash out of their accounts. The bank has said the panic has now calmed.