Swedbank to lay off 600 employees

Swedbank plans to cut 600 jobs in Sweden and the Baltic countries. The move is expected to cost $US 47 million, and will cut into the company's fourth quarter profits.

The bank warned about layoffs in its latest quarterly report. Three hundred employees from Sweden and 300 from the Baltic countries will lose their jobs. Swedbank has cut 5,000 jobs since 2008, mainly in the Baltic countries, Russia, and the Ukraine. And 800 jobs have disappeared in Sweden over the past three years.

Sweden's biggest bank Nordea also recently announced it would cut 2,000 jobs, of those 600 will be in Sweden. Even the investment bank Carnegie and another Swedish bank SEB are planning layoffs.