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European banks to make redundancies?

30 August 2011

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European banks to make redundancies?
A number of banks across Europe appear set to make redundancies as the economy continues its sluggish pace.

After Nordea Bank - which has around 11 million customers and 1,400 branch offices - announced it is to cut approximately 2,000 jobs, it has been suggested other lenders in Sweden could be about to follow suit as they look to lower expenditure in the wake of strict capital rules limiting profit growth, Bloomberg reports.

Andreas Hakansson, an analyst at Exane BNP Paribas in Stockholm, said he expects institutes to copy the example of Nordea, explaining: "In an environment where it will become increasingly difficult to grow revenues, efforts by the banks to reduce costs will be one key factor to deliver earnings growth."

Nordea stated it will be cutting positions in Denmark, Finland, Sweden and Norway and its actions come as fears rise over the stability of the financial markets in Spain, Italy and France.

By Tony Aynsley

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