Financial institutions across the globe have been forced to restructure their business, and Swedbank is the latest to announce job cuts, with 600 expected to be slashed in Sweden and the Baltic States.
According to Reuters, Swedbank's chief financial officer said the financial institution will take a $48 million restructuring charge during the fourth quarter.
CFO Goran Bronner told the news source that the job cuts are part of the company's overall plan, with Swedbank being the latest European bank to cut staff in order to minimize costs.
While the financial crisis hit the bank hard, Reuters notes that Swedbank has recovered relatively well and currently boasts one of the highest capital levels of any bank on the continent.
The announcement of the job cuts comes as Swedbank continues to experience fallout from its exposure to Latvia. However, according to Dow Jones Newswires, the lender does not expect to face any liquidity problems as a result of significant cash withdrawals in the country over the weekend.