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February 14, 2012
Swedbank's losses worse than expected
Published: 20 Oct 09 08:00 CET | Double click on a word to get a translation
Online: http://www.thelocal.se/22756/20091020/
Swedbank has reported an operating loss of 2.6 billion kronor ($373.6 million) for the third quarter, a worse result than analysts expected for the Swedish bank with heavy exposure in the troubled Baltic region.
- Swedish banks' bonus bonanza continues (29 Sep 09)
- Swedbank announces massive rights issue (17 Aug 09)
- Baltic losses force cuts at Swedbank (17 Jul 09)
According to a survey by the Reuters news agency, analysts had on average expected Swedbank to lose about 2.2 billion kronor.
Credit losses rose to 6.1 billion kronor, compared to 812 million kronor during the third quarter of 2008.
In the crisis-hit Baltic region, where Swedbank dominates along with Nordea and SEB, Swedbank posted third quarter credit losses of 3.3 billion kronor and operating losses of 2.4 billion kronor.
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As I have said before, Swedbank needs to be nationalised. All its staff above branch manager needs to be fired and barred from banking for at least 5 years, if not permanently.
Within six months or earlier, once the bank is stabalised, with new management and a completely new corporate structure, Swedbank should be brough public again. As the bank has seen fit to waste Swedish taxpayers money, the shares of the bank should be shared equally amongst all Swedish born citizens.
That will give small shareholders a better say in the bank and reduce the impact of investment funds and large investors who have a vested interest in unstable financial markets, leading in the long term to a more stable banking practice internally in Swedbank.
It would also send a message worldwide that Sweden is serious about economic stability and will tackle banks if they step out of line. That in turn would make banks sit up and take notice.
Swedbank was a disaster in the crash in the 70's and the crash in the 90's. It has not changed, in fact it has gotten worse. The bank refuses to learn, so needs to be nationalised, have its entire management and structure removed and restructured for the good of the Swedish, Scandinavian, Baltic and European economy.
Swedbank will not change until its corporate structure is wiped away wiht all the people who have a vested interest in keeping that corporate structure.
If the Swedish goverment does not do that soon. Swedbank will eventually crash the Swedish economy into the ground, if not in this recession, then definately during the next recession, when it will have stored up even more problems.
Why Swedish born citizens only? If anything, the shares should be shared between all taxpayers, since they've all footed the bill.
Swedbank management is extremely ignorant to its shareholders and swedish public in general as they sponsor as dubious events as Stockholm "pride".
I am happy to have all my funds transfered from Swedbank and my account closed there.
I totally agree that the whole managment should be fired being totally unable to administrate a bank! It´s not Baltic people fault if the bank now is in a bad shape! Wake up Swedish! It´s time to face the truth and objectively analyse the mistakes that have been committed by these ignorant managers! Just in this way you might avoid bad surprise in the future.
I was not born in Sweden, so am excluding myself.
Swedbank has been getting bailed out for years, long before any of us immigrants on these comment sections came to Sweden and in some cases, before we were even born. The bailouts have all been on the backs of hardest working Swedes over the decades. They are the ones who deserve to recieve any reward.
Swedbank is always getting a tax break here, assistance there and a bailout every single recession. It needs to stop.
The bank is a disaster and is run by people who are not interested in creating a strong bank, but in fact are only interested in large bonus's at the expense of not only the banking sector, but possibly a large section of the industrial sector.
Swedbank is managed even worse than AIB in Ireland. It should be nationlised for a temporary period to sort the bank out.
The actual branches of Swebank are not the problem. It is its entire corporate structure above that.
I will agree with that if/when foreign-born taxpayers get a tax cut. If we're not gonna get the same rewards, we should not have the same obligations, right?