March 16, 2010
Swedbank reports heavy losses
Published: 9 Feb 10 10:05 CET
Online: http://www.thelocal.se/24876/20100209/
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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."
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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.