Bank Bonuses Criticised

Sweden's financial markets minister Mats Odell criticised the country's four leading banks for paying out increased bonuses for last year despite a fall in results.

New reforms designed to put a stop to banks awarding big bonuses for short term gains came into force on January 1st this year but Sweden's public service television channel SVT has published findings from Sweden's Financial Supervisory Authority which show that the banks still have a lot of work to do if they're live up to the bonus rules.

A spokesperson for SEB bank said that the government's rules were not in place for the time period covered for the bonuses.

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