Nordea CEO: I should have stayed in rented flat
Published: 10 Nov 11 08:59 CET | Print version
Online: http://www.thelocal.se/37274/20111110/
Christian Clausen, CEO of Nordic banking giant Nordea, has responded to criticism of the bank's purchase of a 22.5 million kronor ($3.4 million) flat for him in Stockholm, saying that had they anticipated the outrage, they would have acted differently.
- Nordea defends costly CEO flat purchase (4 Nov 11)
Sweden's finance minister Anders Borg on Wednesday urged Nordea customers to change banks if the flat purchase had caused them to lose faith in the firm in which the Swedish state has an ownership stake.
"What has happened doesn't increase confidence," Borg said at a press conference on Wednesday.
Svenska Dagbladet reported last week that Nordea had purchased the 256-square-metre flat in central Stockholm at a time when the bank is set to make around 2,000 staff redundant.
The bank is furthermore planning to invest another 10 million kronor to renovate the flat, which is currently being used as office space.
The bank defended the purchase of the apartment, arguing it was a decision taken by the Nordea board of directors, something disputed by two union representatives who sit on the board.
According to union representative Steinar Nickelsen, who has been on the board since 2007, the question of purchasing a flat for Clausen was discussed, but not such a large and stately property as the one which was eventually purchased.
“It sends the wrong signals to spend so much money on an apartment when Nordea finds itself in its current situation with huge personnel reductions. We should have never made the purchase,” he told SvD.
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The day Managers, Directors....people in power and paid bonuses based on real medium to long term performance and not based on a few people in a boys club pickung a figure from the air that has no relation to performance. They get paid bonuses for just doing the job and even get rewarded when they fail!
I'm happy for people to get paid for delivering higher profits and creation of jobs. Steve Jobs is one example. He was never in it to avhieve great wealth driving Ferraris etc. He loved his job and wasn't trying to get as much money as possible, otherwise he would have been a lot richer than 7 billion!
what a coprate fraud,the rich getting richer and the poor getting poorer,one day all this will end,when your paper called money will be usellles go visit the graveyard and tell me if flats worth 22 mil when you lay six feet below .man never thinks what a cray world.Give me 22 million and I will turn my village into a city.
3.4 is not acceptable, 1.7 is ok, get a life!
i really dont get these bankers, they get paid TONS and still want free rent and house.. they are completely out of touch with reality.
its like some american business man saying 700thousand dollars a month wasnt enough.
Banks should be even more controled that public institutions like the gov for example. They use the excuse of being "private" for doing what ever they want, but when something goes wrong, it's EVERYBODY'S problem!!!
I'm fed up of them!!!!