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Swedbank reports heavy losses

TT/The Local · 9 Feb 2010, 10:05

Published: 09 Feb 2010 10:05 GMT+01:00

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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.


Story continues below…

"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."

TT/The Local (news@thelocal.se)

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Your comments about this article

11:14 February 9, 2010 by peropaco
Good. May their losses continue to grow.
13:07 February 9, 2010 by Mb 65
Large profit's from no interest payed to it's savers.
15:16 February 9, 2010 by tapaninyc
"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"

I think it is supposed to say "if wee don't see any major setbacks [...], then..."
16:01 February 9, 2010 by Nemesis
It is obvious that Swedbank is run by people who are anti profit and and hav no comprehension of banking.

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.
16:46 February 9, 2010 by tapaninyc
Mr Nemesis... I take it what you wrote is a parody of the Swedish Way -- it was right on! national-socialice the crap!

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!
18:10 February 9, 2010 by Twiceshy
The problem would be solved if people pulled their money out of Swedbank and put it in a decent bank which doesn't require taxpayer rescues every so often. Then Swedbank would go out of business and a valuable lesson would be learned by bankers.
18:36 February 9, 2010 by Nemesis
@ tapaninyc

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.
20:53 February 9, 2010 by tapaninyc
I know. That is why we love yall.
22:01 February 9, 2010 by Buccaneer

"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.
23:02 February 9, 2010 by Twiceshy
Nemesis has always been a funny guy/girl.

I don't know if he/she even realizes that such a thing would be instantly deemed unconstitutional.
15:20 February 10, 2010 by Great Scott
The point Nemesis is trying to make is that the people who made the mess should be made to clear it up, at whatever it cost to them and their families. What the bankers did was out of pure greed.

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.
18:58 February 10, 2010 by miss79
my god, what next?
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