• Sweden's news in English
 
app_header_v3
Boss of Sweden's biggest bank gets fired
Swedbank's headquarters in Sundbyberg, Stockholm. Photo: Fredrik Persson/TT

Boss of Sweden's biggest bank gets fired

TT/The Local · 9 Feb 2016, 11:16

Published: 09 Feb 2016 07:37 GMT+01:00
Updated: 09 Feb 2016 11:16 GMT+01:00

The banking boss was asked to step aside by Swedbank's board of directors, which said it was "time for a new leadership and a new CEO who can take Swedbank to the next level".

The board has appointed Birgitte Bonnesen, who is currently Head of Swedish Banking, as Acting CEO. It said a recruitment process would spring into action immediately and a new CEO would be selected as soon as possible.

"This is no change in strategy, it's a change of pace. Wolf is not the right person for the next step. (…) It's important to find a person who can manage the work we have already done, but also implement a change so that we can get close to customers and colleagues," said Anders Sundström, chairman of the bank's board of directors, at a press conference on Tuesday.

Wolf, who was born in 1963, joined Swedbank six years ago after previous high profile roles at Swedish engineering giant Skandia and rival bank SEB.

He has been on a 13 million kronor ($1.53m) annual package and the bank said that he would receive 75 percent of his salary for the next 12 months as part of his exit deal, as well as an additional severance payment worth the same amount.


Michael Wolf who is leaving Swedbank. Anders Ahlgren/SvD/TT 

The Swede was recently ranked the ninth best executive in the world by Harvard Business Review, which looks at areas including social responsibility, governance and caring for the environment.

"I was surprised by the board's decision, but at the same time I have the greatest respect for the fact that it's the board of directors that appoints and dismisses the CEO. I would like to direct a genuine 'good luck' to the bank," he told the Dagens Industri business newspaper on Tuesday.

Story continues below…

However the move to sack Wolf follows recent media criticism of both his work and that of the bank's board. Sweden's financial watchdog, FI, announced a month ago that it had launched an investigation linked to a potential conflict of interest between the internal work of senior staff members such as Wolf and a number of property transactions.

"There are obviously shortcomings in what the CEO has done; he could have stopped these transactions if he had wanted to. But that's not my main argument for this change," said Sundström.

Swedbank has eight million private banking customers and around 14,000 employees.

For more news from Sweden, join us on Facebook and Twitter.

TT/The Local (news@thelocal.se)

Today's headlines
Opinion - Brexit
'The EU must not become Britain’s hostage'
David Cameron also comes under fire in the Sydsvenskan editorial. Photo: Matt Dunham/AP/TT

Britain should not be allowed to delay the initiation of its withdrawal from the European Union, argues Swedish newspaper Sydsvenskan.

Brexit
Citizenship applications up 500% for Brits in Sweden
A Swedish passport. Photo: Christine Olsson/TT

Last week saw a record increase as Britain voted to leave the EU.

Brexit vote
Sweden wants UK to move quickly towards exit
Prime Minister Stefan Löfven after Monday's meeting. Photo: Johanna Johansson/TT

"We can’t have the EU in limbo for too long," said the Prime Minister.

Brexit vote
UK can't cherry-pick EU rules, says Sweden
Finance Minister Magdalena Andersson following the meeting on Monday. Photo: Anders Wiklund/TT

Finance Minister Magdalena Andersson commented on the consequences of Brexit after a meeting with Swedish businesses on Monday.

Why this Swedish canal was filled with dead rats
Removing dead rats from a canal: not the easiest summer job. Photo: Johan Nilsson/TT

Over 140 dead rats were removed from Malmö's canals on Monday.

Is this Swede the new Vincent van Gogh?
Ivar Arpi (left). Photo: Tomlin Studio

He's winning a worldwide competition to find the person who most resembles the Dutch master.

Brexit vote
Swedish stock market plummets in Brexit aftermath
The Stockholm Stock Exchange felt the full force of Brexit on Monday morning. Photo: Tomas Oneborg/SvD/TT

Monday is the first day of trading in Sweden since Britain voted to leave the European Union, and negative effects are already being felt, with stocks down by almost five percent at lunchtime.

Brexit: Sweden’s leaders meet for talks about 'our friend'
Ebba Busch Thor outside the PM's office before Monday morning's talks. Photo: Christine Olsson/TT

“The UK is our friend and we have to respect the decision.”

Brexit vote
Poll: Sweden still wants to stay in EU after Brexit vote
Most Swedes polled don't want a referendum on EU membership. Photo: Henrik Montgomery/TT

A post-Brexit poll shows that the majority of Swedes would still vote to stay in the EU.

My Swedish Career
'I was only supposed to stay in Sweden for a few months'
Dan Paech, the founder of Run With Me Stockholm. Photo: Private

Meet Dan Paech, 31, the Australian who found his entrepreneurial path in Stockholm.

Sponsored Article
5 reasons you should try dating with The Inner Circle
International
'A morning of sorrow': Sweden reacts to Brexit vote
Sponsored Article
How to find student housing in Malmö: 5 tips
International
Sweden opposition cools talk of 'Swexit' poll
International
'Devastated' - Brits in Sweden shocked by Brexit vote
Blog updates

17 June

Queen’s Birthday Stockholm 2016: 9th June. 90th Birthday. 900 Guests! (The Diplomatic Dispatch) »

"What do you do when you read that the Queen’s 90th Birthday in London will be…" READ »

 

10 June

i lördags, på lördag – time phrases for present, past and future (The Swedish Teacher) »

"Hejsan! Swedish time phrases can be difficult to master. It takes a lot of practice to…" READ »

 
 
 
Sponsored Article
Stockholm school celebrates Nepal Project success
Gallery
People-watching: June 22nd
Sponsored Article
Why you should attend an international job fair
Private
The Local Voices
'Swedes don't treat me differently because I wear a hijab'
Culture
How do Swedes celebrate Midsummer?
Culture
Coming soon: Sweden’s smelly fermented fish
Sponsored Article
Avoid hidden fees when sending money overseas
National
Assange lawyer: Sweden should recognize UN opinion
Private
The Local Voices
Why is this Syrian dentist who hugs like a Swede worried about undies?
Swedish nationalist 'shot and ate' lion and giraffe
Sponsored Article
Education abroad: How to find an international school
Analysis & Opinion
'Sweden's residency revamp is harmful and inhumane'
Sponsored Article
The man behind Sweden's biggest music festival
Photo: The Local
The Local Voices
UNHCR boss: 'It's hard to start your life without your family'
Politics
VIDEO: Brits in Europe say why UK should stay
Sponsored Article
US expats: Have you met your tax deadlines?
Photo: Marko Risović
The Local Voices
World Refugee Day: Searching for safety in Europe - in pictures
Sponsored Article
Malmö: Home to the best food in Sweden?
National
Is Swedish nationalists’ foreign food ban bananas?
Sponsored Article
VIDEO: Why Malmö is the world's 6th best city for biking
Gallery
Property of the week: Söråker
Sponsored Article
5 reasons you should try dating with The Inner Circle
International
Poll shows huge support for EU in Sweden
The Local Voices
How a Syrian scuba diver mobilized Sweden's biggest asylum centre
Sponsored Article
6 simple travel hacks that will make your life easier
Sport
Zlatan: 'If we'd been fighting for real, he'd be in hospital'
The Local Voices
Orlando reflections: Is it possible to be gay and Muslim?
Sweden to go ahead with migrant age tests
Gallery
People-watching: June 17th-19th
National
Will you be hit by changes to Sweden's residency laws?
3,314
jobs available
PSD Media
PSD Media is marketing company that offers innovative solutions for online retailers. We provide modern solutions that help increase traffic and raise conversion. Visit our site at:
psdmedia.se