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Swedbank boss bows out on full salary

TT/Christine Demsteader · 15 Jan 2010, 15:11

Published: 15 Jan 2010 15:11 GMT+01:00

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Stålberg, who has been chairman since 2003, has been widely criticised for the bank's investment in the Baltic region amid ongoing losses for the concern.

“It was necessary to get rid of him,” said Günther Mårder, head of the Swedish Shareholders' Association (Aktiespararna), to news agency TT.

Swedbank is expected to report losses of around 10 billion kronor for 2009.

Yet, following the announcement, Stålberg received gratitude for his six-year service from the head of the bank's biggest owner, Anders Sundström, CEO of insurance giant Folksam.

“I have had and continue to have have full confidence in him,” he said.

Unusually for a chairman, Stålberg is employed by the bank and, in accordance with his contract, steps down from his position on full pay until he turns 60 in January 2011.

His annual Swedbank salary is reported to amount to 3,1 million kronor ($441,000).

Story continues below…

Swedbank will appoint a new board at their annual general meeting on March 26th in Stockholm.

TT/Christine Demsteader (news@thelocal.se)

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Your comments about this article

22:27 January 15, 2010 by moaca
Is that all he got?? A meager 400?

No way a top man in any UK bank would get this, they walk away with milions so he is on the cheap end of the stick. Poor man, doesnt have to work anymore and gets only 3 milj Krone to live on to 2011. How can he possible cope? I hope he has got a pensionscheme as otherwise he may not be able to get by financially. All the poor sod has done is blowing 10 billion krone down the Baltic drain.

Why dont we all collect money and bail him out? Its a disgrace the way they treat this poor man, I mean, how hard can you punish somebody for a tiny mistake??????

What a hard hard life these bankers have.
08:59 January 16, 2010 by Nemesis
They are literally taking the proverbial. Swedbank is the Icesave of Sweden.

This guy should have been fired and literally face criminal charges, not treated as some sort of lord and master.

Swedbank needs more than a new board. That bank needs to be temporarilly nationalised and everyone above branch manager fired and banned from banking for the rest of there lives.

Then a new board should be appointed. The bank should have its assets reflect its investments, not base its investments on wishful thinking and no understanding of mathmatics. Once the bank is stable and investing its asset base, not fantasy money which does not exist, the bank should be refloated. Its shares should be divided equally between all born Swedes in the flaotation, advising them not to sell for at least five years. That would reduce institutional power and remove the nepotism appointments that occur in all of Swedish banking, leading ot the most useless failing upwards into there present positions.

That might help sort out Swedbank as tinkering around the edges in that bank will achieve nothing, but a bigger crisis five to ten years in the future, possibly worse than Icesave.

Swedbank has been a disaster for the last 30 years and needs to undergo root and branch reform, not pandering to the most useless in Sweden.
14:45 January 18, 2010 by Great Scott
I would like to leave my job and get paid until 2011, that way I would be able to pay the robbing bankers charges.
05:01 January 21, 2010 by Buccaneer

Great post.

You have said it all.

Incompetency is rewarded by people who appreciate it.
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