Nordea Bank AB will need to cut more than the 2,500 jobs already axed to adjust to slow growth, as Scandinavia’s biggest bank focuses on increasing rewards to shareholders, Chief Executive Officer Christian Clausen said.
Europe’s banks need to keep dumping Italian bonds and other assets tainted by the region’s debt woes to avoid being sucked into the epicenter of the crisis, said Christian Clausen, president of the European Banking Federation.
Europe’s banks won’t cut lending to businesses or households as they adjust their balance sheets to fulfill a 9 percent capital adequacy target, said Christian Clausen, the president of the European Banking Federation.
Nordea Bank AB’s decision to avoid three-year loans offered by the European Central Bank is proving a winning strategy as investors reward the bank with lower borrowing costs, Chief Executive Officer Christian Clausen said.
Europe’s banks are calling for a review of tougher financial regulations on the eve of their adoption as the region sinks into a recession, dimming prospects of raising $621 billion in capital needed to meet the rules.