Nordea under fire from unions

One of Sweden's major banks, Nordea, has come under fire from unions, after announcing a savings package despite profits of SEK 8.8 billion during the last quarter of 2013.

Swedish Radio News reports that the bank is planning to make cutbacks of about SEK eight billion over the coming years, and that will include staff cuts.

But the Financial Workers' Union says the decision is hard to understand.

Their president, Ulrika Boëthius, told Swedish Radio News:

"It's very hard for employees and customers to understand this figure when you see the kind of profits that are being posted. There's quite a big difference there, and it is hard to get it", she said.

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