EMCC European Monitoring Centre on Change



Geographic Location

Country: European Union


Sector: Financial services
Financial and insurance activities
64 - Financial service activities, except insurance and pension funding
Number Employed: 21000

Employment Effects

Announcement Date: 17-07-2009
Planned Job Reductions min: 3600
Planned Job Reductions max: 3600
Type of Restructuring: Internal restructuring
Foreseen End Date: 01-06-2010

Additional Information

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.