Swedbank fends off rumors of a fall

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Swedbank fends off rumors of a fall

Oct 01, 2008
TBT Staff and wire reports

RUMOR MILL: Swedbank’s directors maintain that all is well with the bank, despite talk of financial woes.

RIGA - Swedbank, formerly Hansabank announced that it may have to cut staff, amid growing concerns over the level of it’s exposure to U.S. toxic debt. However bank executives still defended the company’s performance. Chairman of the board, Swedbank Latvia, Maris Avotins announced that the bank will consider letting go of 10 percent of their employees next year. “To maintain efficiency and to make profit in hard times, we will probably revise the number of employees we need…..we want to be ...

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