Carnegie to reduce Stockholm operations

Swedish investment bank Carnegie announced plans on Tuesday to trim staff and operations in hopes of achieving a 10 percent reduction in costs.

The bank said it would axe around 40 staff in Stockholm and would phase out trading in currency and foreign equities.

It said the costs of implementing the package would be around 40 million kronor ($5.85 million).

“These activities haven’t had the earnings we’d hoped for. They also tie up quite a few of our resources which makes the move an obvious step,” said Carnegie CEO Mikael Ericson to the Dagens Industri newspaper.

A further review which includes operations outside Sweden is underway, the firm said.

It added the aim was to cut costs by around 10 percent, adjusted for acquisitions.