• Sweden's news in English

Nordea CEO: I should have stayed in rented flat

TT/The Local/pvs · 10 Nov 2011, 08:59

Published: 10 Nov 2011 08:59 GMT+01:00

Facebook Twitter Google+ reddit

"We probably would have continued with a rental flat," he said to the Svenska Dagbladet (SvD) daily and confessed to be "shaken" by the protest storm engulfing Nordea.

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.

Story continues below…

“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.

TT/The Local/pvs (news@thelocal.se)

Facebook Twitter Google+ reddit

Your comments about this article

09:40 November 10, 2011 by Mib
Money talks and so here we have a Response from tje Company to show emphathy with their customers to convince them not to move to another bank. Yet, they still continue with the plan. Just like politicians, they have lost touch and that is confirmed by their statement that they didn't expect such a response in the media etc. Even a donkey could have told them that.

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!
10:13 November 10, 2011 by duncs
So what. Real estate is an investment. why keep renting and throwing away their customers money when they can invest it in a property. i guarantee they will make a nice profit whenever the apartment is sold.
10:51 November 10, 2011 by jonathanjames61
Turn the flat to the Coporate hesd office,

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.
13:49 November 10, 2011 by old jack
Re #3, A lot of rich people are greedy. A lot of poor people create more children than they can care for. There's problem behavior on both ends of the spectrum.
15:20 November 10, 2011 by yourkidding
Wshoulrent than the rest of the politicians and wealthy Swedes? How do you think they got rich in the first place. The rich usually line their pockets at the expense of someone with less.
12:48 November 11, 2011 by Lavaux
Yes, Anders Borg, let's start a run on Nordea. That will do everyone a lot of good. What a pathetic moron!
13:14 November 14, 2011 by zooeden
3.4 million??? c mon, that is peanuts in the world of banking, people get outraged by this jesus fripping christ!!! OK if you tell me his towels are from John Galliano I could moreless understand the outrage!!!

3.4 is not acceptable, 1.7 is ok, get a life!
10:41 November 15, 2011 by Grokh
why doesn't he doe like everyone else and pay his own rent with the huge amount of money he gets paid ?

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.
18:26 December 2, 2011 by rumcajs
A long time ago, I said to my wife to check something in her car. She said that I shouldn't get my nose in her things and my answer was: "As long as I'm the one who'd have to get you outta trouble and then fix or take the car to the garage my self, oooohhh yes I get my nose in your things!!!"...... SAME CRAP!!! When there's a crisis that w***er will keep his hell huge salary and his posh flat and we'd have to solve the problem with our 10 - 15 k sek and living iin a rented 40 square m. flat or even a room in a shared flat.!!!!

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!!!!
Today's headlines
Löfven: 'Sweden will double its number of troops in Iraq'
Stefan Löfven and Haider al-Abadi during the visit on Monday. Photo: Henrik Montgomery/TT

Swedish Prime Minister Stefan Löfven has promised to double his country's number of troops in Iraq following a meeting with Iraqi counterpart Haider al-Abadi on Monday.

Will Swedes soon be looking for fairtrade porn?
Should Swedes think fairtrade with porn? Photo: Karin Malmhav/SvD/TT

A fairtrade attitude to pornography would be beneficial, Sweden's health minister told The Local.

Presented by Stockholm University
Nordic fashion in focus at Stockholm University
Simon Paulin/imagebank.sweden.se

Nordic fashion took centre stage in the Swedish capital last week as Stockholm University hosted the “first-ever” academic conference looking at luxury and sustainability in the fashion industry.

Referee, coach and parents in Swedish youth football fight
File photo of a referee holding a red card not related to the story. Photo: Stefan Jerrevång/TT

A football dad broke his leg in the brawl in front of 11-year-old kids after a Hammarby youth football game.

Illicit abattoir kept more than 100 bulls' penises
A couple of young bulls not related to the story. Photo: Jonas Ekströmer/TT

Dried cattle genitalia, goats' heads and hundreds of litres of lard were just a few of the many strange finds discovered when police raided a property in Sweden.

This is officially Sweden's most beautiful beard
The most beautiful beard in Sweden. Photo: Memo Göcek

According to a jury of barbers and 'well known bearded profiles', that is.

Presented by Invest Stockholm
One expat's strategy for making friends in Stockholm

You might think it’s hard to make friends in a new city. But if at first you don’t succeed – try something else!

Injured Swedish photographer protected by 'guardian angel'
Swedish photographer Paul Hansen on another occasion. Photo: Fredrik Sandberg/TT

Photographer Paul Hansen thanked his lucky stars for surviving sniper fire while covering the battle for the Isis-held city of Mosul in Iraq.

How Sweden is trying to smooth relations with Saudis
Swedish Prime Minister Stefan Löfven meeting Saudi Arabia's Trade Minister Majid bin Abdullah Al Qasabi. Photo: Henrik Montgomery/TT

Sweden's Prime Minister Stefan Löfven has visited Saudi Arabia a year and a half after relations turned frosty in a major diplomatic row.

My Swedish Career
'Swedish people love it, but they find it quite odd'
Scottish entrepreneur William Macdonald. Photo: Michael Campanella

Meet the web developer and entrepreneur using traditional Scottish ceilidh dancing to break the ice with Swedes.

Sponsored Article
Last chance to vote absentee in the US elections
People-watching: October 21st-23rd
Sponsored Article
This is Malmö: Football capital of Sweden
Fury at plans that 'threaten the IB's survival' in Sweden
Analysis & Opinion
Are we just going to let half the country die?
Blog updates

6 October

10 useful hjälpverb (The Swedish Teacher) »

"Hej! I think the so-called “hjalpverb” (auxiliary verbs in English) are a good way to get…" READ »


8 July

Editor’s blog, July 8th (The Local Sweden) »

"Hej readers, It has, as always, been a bizarre, serious and hilarious week in Sweden. You…" READ »

Sponsored Article
Where is the Swedish music industry heading?
Angry elk chases Swede up a lamp post
Sponsored Article
Why you should 'grab a chair' on Stockholm's tech scene
The Local Voices
'Alienation in Sweden feels better: I find myself a stranger among scores of aliens'
People-watching: October 20th
The Local Voices
A layover at Qatar airport brought this Swedish-Kenyan couple together - now they're heading for marriage
Sponsored Article
Stockholm: creating solutions to global challenges
Swede punches clown that scared his grandmother
Sponsored Article
Swedish for programmers: 'It changed my life'
Fans throw flares and enter pitch in Swedish football riot
Could Swedish blood test solve 'Making a Murderer'?
Sponsored Article
Top 7 tips to help you learn Swedish
Property of the week: Linnéstaden, Gothenburg
Sponsored Article
‘Extremism can't be defeated on the battlefield alone’
Swedish school to build gender neutral changing room
People-watching: October 14th-16th
Sponsored Article
Stockholm: creating solutions to global challenges
Man in Sweden assaulted by clowns with broken bottle
Sponsored Article
Why you should 'grab a chair' on Stockholm's tech scene
Nobel Prize 2016: Literature
Sponsored Article
Where is the Swedish music industry heading?
Watch the man who discovered Bob Dylan react to his Nobel Prize win
Sponsored Article
One expat's strategy for making friends in Stockholm
Record numbers emigrating from Sweden
Sponsored Article
Nordic fashion in focus at Stockholm University
People-watching: October 12th
The Local Voices
'Swedish startups should embrace newcomers' talents - there's nothing to fear'
How far right are the Sweden Democrats?
Property of the week: Triangeln, Malmö
Sweden unveils Europe's first elk hut
People-watching: October 7th-9th
The Local Voices
Syria's White Helmets: The Nobel Peace Prize would have meant a lot, but pulling a child from rubble is the greatest reward
Missing rune stone turns up in Sweden
Nobel Prize 2016: Chemistry
jobs available