Swedbank Posts Loss, Will Cut 3,600 Jobs

Swedbank Posts Loss, Will Cut 3,600 Jobs (1)

Archived Articles | 20 Jul 2009 | EWR

Mathhew Saltmarsh, NY Times
PARIS — In a sign of the continued fallout from the weakness in the Baltic economies, the Swedish lender Swedbank announced deep job cuts Friday as it posted its second consecutive quarterly loss.

Swedbank, the largest Swedish bank by clients and the one with the biggest credit exposure to the Baltic economies, posted a net loss of 2 billion kronor, or $300 million, in the second quarter after losing 3.3 billion during the first quarter. In the second quarter of 2008, the bank posted net income of 3.6 billion kronor.

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