Johanna Cervenka on Nordea's savings package: "Frank Vang-Jensen took in a lot more than expected"

Today, the message came that Nordea is making a loss of SEK 4.5 billion. But the reason is not that the bank is doing poorly, but that the company should make write-downs corresponding to close to SEK 14 billion. Money that will go to restructuring, among other things.

According to SVT's economics commentator Johanna Cervenka, the message is to be interpreted as the new CEO Frank Vang-Jensen's paving the way forward.

- This is Frank-Vang Jensen's first report, this is now he has the chance to take large costs on a board. The perception is that he has been brought into Nordea to reduce the cost cost and now he clearly wants to show that he is doing it properly, she says.

The message that Nordea will save was not unexpected. However, that is the size of the savings package, according to Johanna Cervenka.

- He probably took in a little more real than expected. You will save considerably more than Handelsbanken, which yesterday announced that you should cut 800 services, of which 500 in Sweden.

- The banks are squeezed by competition from various digital services that offer everything from pensions to consumer loans. It is noticeable that there is a major change going on in the industry.

What does this mean for customers?

- When banks restructure, it means in plain text that they will close down branch offices and that fewer officials will do the job. In the banking system, a major change is underway where work that people have previously done can now be automated.

Frank Vang-Jensen was previously CEO of Handelsbanken, a service he was dismissed from. At the beginning of September it was clear that Nordea will be the new CEO.