Swedbank – To reduce staff by 600-800 employees

Swedbank, the first large Nordic bank to report third-quarter earnings, aims to cut costs to 16 billion Swedish crowns (2.23 billion US dollar) by 2016 from a projected 17.6 billion in 2014. That includes reducing staff by 600-800 employees in Sweden, around 5 percent of total staff.

“The door for new recruits will essentially be closed,” Chief Executive Michael Wolf said on a conference call.

via UPDATE 2-Swedbank to cut costs, jobs to combat revenue pressures | Reuters.