- Sweden edition
- Change edition:
- France |
- Germany |
- Norway |
- Switzerland
February 14, 2012
Swedbank reports heavy losses
Published: 9 Feb 10 10:05 CET | Double click on a word to get a translation
Online: http://www.thelocal.se/24876/20100209/
Swedbank has reported a bigger than expected operating loss of 1.6 billion kronor ($226.7 million) for the final quarter of 2009, largely due to its heavy exposure in the Baltic States and Russia, yet the bank's CEO Michael Wolf sees opportunities for profits in 2010.
- Estonia agrees to repay emergency Swedbank loan (29 Oct 09)
- Swedbank's losses worse than expected (20 Oct 09)
- Baltic losses force cuts at Swedbank (17 Jul 09)
While the bank reported a 2.4 billion kronor loss for the same period in 2008, analysts had expected a bigger improvement with only 1.3 billion in losses for the fourth quarter of 2009. However the bank was one of the worst hit by the economic crisis in the Baltic region as well as in the Ukraine and Russia last year, which caused a 10.5 billion kronor minus on the balance sheet.
"2009 will be remembered as the most turbulent year in Swedbank's history," said CEO Michael Wolf, adding that the outlook is far brighter for the year ahead.
"If the world economy continues to develop and we don't see any major setbacks, particularly in Ukraine and Latvia, then there is a good possibility we can show a profit in 2010."
What do you think? Leave your comment below.
Fark It!
Digg This
Share everywhere
Send to a friend
Printable version
Twitter This
Swedish recruiters check jobseekers on the net
40 percent of recruiters are checking potential employee’s social networking pages during the hiring process, a figure which has shot up from last year, according to a recent report. READ (1 COMMENT) »
Rise in polls 'Löfven-effect': political expert
Since the new Social Democrat party leader Stefan Löfven took up the post, the party is gaining strength in the polls, causing political experts to speak of a ”Löfven-effect”. READ »
Saab shares dive despite strong 2011 report
Swedish defence group Saab on Friday reported a major boost in earnings for 2011 thanks to winning several major contracts, but a drop in orders left investors jittery, sending Saab's stock price down nearly 10 percent. READ (3 COMMENTS) »
Mats Sundin in massive kid's health research gift
Mats Sundin, the ex-Swedish hockey great, has made a donation supporting research into children's health at Karolinska Institutet in Stockholm and the University of Toronto. READ (5 COMMENTS) »
H&M under fire over Cambodia mass faintings
H&M has been criticized for choosing not to attend a hearing to highlight poor conditions for textile workers in Cambodia, where hundreds of employees at a plant run by the Swedish fashion giant mysteriously passed out in August. READ (6 COMMENTS) »
SAS earnings hit by Spanair bankruptcy
The bankruptcy of Spanair pulled SAS into the red for 2011, despite improved operating profits, the Scandinavian airline reported on Wednesday. READ (2 COMMENTS) »
Saab to cut Swiss Gripen fighter price: report
Swedish defence group Saab have announced that it will cut the price on its Gripen fighter jet to secure its Swiss order after a threat by French planemaker Dassault to undercut them. READ (6 COMMENTS) »
Few Swedes ready to work until they're 75: poll
An overwhelming majority of Swedes disagree with Swedish prime minister Fredrik Reinfeldt's suggestion that workers should be ready to stay on the job until they are 75, a new poll shows. READ (34 COMMENTS) »
Several bids for Saab: administrator
Several companies are interested in buying Saab, confirmed the bankrupt Swedish carmaker's administrators on Tuesday, while currently unwilling to disclose the identities of the bidders. READ (2 COMMENTS) »
US ISPs block hacker probes: Swedish police
The Swedish National Police Board has called for new international laws to catch hackers on the internet, after US internet service providers refused to divulge information on the weekend's attack on government websites. READ (5 COMMENTS) »
- 06/02 Fire brigade slammed for 'renting out' rooms (2 comments) »
- 03/02 New bidder in the Saab saga shows its hand (8 comments) »
- 03/02 Volvo group announces record sales for 2011 »
- 03/02 TeliaSonera reports profit drop for 2011 »
- 02/02 Electrolux profits plunge amid weak demand »
- 02/02 AstraZeneca job cuts hit Södertälje hard (7 comments) »
- 02/02 Europe's banks set for years of 'shrinkage': Borg (2 comments) »
- 01/02 'Underclass-safari' post lands official in trouble (1 comment) »
- 01/02 Supreme Court denies Pirate Bay right to appeal (10 comments) »
- 31/01 ABB irked by link to Norwegian killer (2 comments) »
20 things to know before moving to Sweden
As diverse as Sweden is, there are a few societal norms that are distinctly Swedish. Understanding a handful of them will hopefully prepare you culturally before you relocate. When you're invited home to a Swede, you better be on time and take your shoes off, writes expat Lola Akinmade-Åkerström. Read more »
How far can English take you in Sweden?
Sweden is a country where almost everyone can speak English. So why bother to learn Swedish? Edina Varnagy from Hungary managed with English for a whole year but then found that Swedish could open doors – to a job, a social life and greater understanding. Read more »
| 13/02 | Marketing Campaign Manager Ascom |
Göteborg |
| 13/02 | YOUNG TALENT PROGRAM - AUTOMATION ENGINEER -- AUTOMATION PLATFORM Tetra Pak |
Lund |
| 13/02 | Senior Project Manager Wanted Volvo information Technology AB |
Göteborg |
| 13/02 | Arbetsinjengör till Swenox Swenox AB |
Nyköping |
| 13/02 | Build Manager EA DICE |
Stockholm |
| 13/02 | adidas Group is now searching for a new Back office Sales Support adidas Group |
Stockholm |
| 13/02 | Supply Chain Analyst to International Company Adecco |
Stockholm |
| 13/02 | Nordic Talent Solutions Specialist 3M |
Sollentuna |
| 13/02 | Key Account Manager Food Borregaard |
Sarpsborg |
| 13/02 | Falck is looking for a dynamic and dedicated Country Manager Falck TravelCare AB |
Stockholm |
- 13/02 Deutsche Bank 'to pay €800 mln' in Kirch case »
- 13/02 Greece leaving the euro not so scary - Germans »
- 10/02 Berlin defies EU over copyright deal »
- 10/02 Germans don't trust Greece to tighten belt »
- 09/02 Tourists flock to Germany in 2011 »
- 09/02 Daimler books record €6-billion profit »
- 08/02 Exports top €1 trillion despite euro crisis »
- 08/02 GM threatens major job cuts at Opel »
- 07/02 Court caps Jewish ghetto pension claims »
- 06/02 Industrial orders rise amid eurozone gloom »
- 00:31 What does that mean?
- 00:27 Baseball in Gothenburg?
- 23:26 Pop tarts in Stockholm
- 23:19 Had problems with my boyfriend
- 23:09 Working with no knowledge of Swedish?
- 22:46 Tax deductible for rented property
- 22:41 Skattereduktion after buying an apartment
- 21:04 Which song are you currently listening to?
- 20:45 Should I ask her on a date or not?
- 20:10 Irish Girl has just moved to Sweden!
The new Online Tennis Store with the largest selection of Babolat Products in Sweden
http://www.babolatshop.se
Turning Point Counselling centre offers the international community of Stockholm a safe space for personal development, counselling and coaching.
http://www.turning-point.se/show.asp
Swedish Down Town PR Consulting and Productions is an innovative business company which provides valuable assistance with Public Relations and Communications in the swedish and the international market.
www.swedishdowntown.com
Find products and services that are specifically focused on English speakers living in Sweden!
FULL DETAILS
British-Australian Male Counsellor. Counselling Therapy for Depression, Mental Health, Sex, Relationship & Expat Issues
08-559 22 636 or CLICK HERE
Individuals & Couples - Stockholm Beth Rogerson PhD - Clinical, Marriage & Family Therapist
Click or call 08-5580 1266 now
Therapy in English in Stockholm Trained in California Individuals & Couples (08) 93 81 48 FREE phone consultation
Visit anxiousorblue.se
Your comments about this article:
The comments below have not been moderated in advance and are not produced by The Local unless clearly stated. Readers are responsible for the content of their own comments. Comments that breach our terms and conditions will be removed.
I think it is supposed to say "if wee don't see any major setbacks [...], then..."
The bank should be nationalised immediately and eveyone above branch manager fired. All fired staff should be bannd from having a job in a bank in Sweden for at least 5 years and have to goto school to actually learn banking then pass a common sense test, before being allowed to have a job in a bank in Sverige again, wiht a permanent ban on any position above manager.
The bank should be recapitalised with tax payers money and then the shares of the bank shared out evenly amongst all native born Swedes as it is there taxpayers money that will be used to sort the bank out.
Especially enjoyed the part about having ALL the taxpayers to copugh up the cash for the acquisition of the shares that would then be exclusively distributed among the native born swedes only. A brilliant observation of the Swedish society, thank you!
I mean't every word of what I said. It is not a parody.
The people who cause the problem, should be made to pay for it. Make an example of bad bankers, whilst at the same time shining a bright light on good bankers and promoting them, would be the the way to build for the future.
It is taxpayers who have to pay to sort this mess out. Therefore taxpayers should be the people who benefit.
"The bank should be recapitalised with tax payers money and then the shares of the bank shared out evenly amongst all native born Swedes as it is there taxpayers money that will be used to sort the bank out".
lol. Someone should tell this IDIOT that lots of tax payers in Sweden are not NATIVE BORN SWEDES. The idea of using peoples money to pay for shares and then give these shares to some native born whatever is new to me. well, nothing is impossible in sweden.
This is another example of swedsih brand gone down the drain, just like Saab, Volvo and many others to come. The concept of ethnic swedes or native born swedes will see to it that outside innovation would be left out and Sweden would learn the hard way.
I don't know if he/she even realizes that such a thing would be instantly deemed unconstitutional.
The point of "native born Swedes" is a bit of an over kill for tax payers, I agree, but I think he is saying this out of pure frustration.
Tax payers have to come to the rescue in order to save jobs, but not those at the top. When banks become self supporting again they should be sold off to the highest bidder.
What these bankers did is unforgivable, but why are they getting away with it is what need to asked, what is the punishment to fit the crime.