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Economy

Swedbank To Cut 3600 Jobs

Published fredag 17 juli 2009 kl 14.57
Swedbank CEO Michael Wolf.

3600 jobs are to go from Swedish bank Swedbank, following an abysmal quarterly report published today. Analysts are blaming the bank's huge loss of 230 million US dollars on their large investments in the Baltic region, currently badly hit by the world recession.

Swedbank isn't the only company opening up its balance books, companies all over Sweden are currently in the middle of telling their shareholders and the media just exactly how they've been doing over the past 3 months. The quarterly reports paint a mixed picture of the economy, showing some definite winners- and some definite losers.

Banks, like Swedbank, are suffering losses while the manufacturing sector seems to be picking up. But is it enough to ease the pains of the recession? Ebba Lindahl from SEB Bank says that even though the orders and earnings for most companies are still declining, the pace of the fall may be slowing.

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