Swedbank: no staff bonuses

SWEDBANK, the bank most heavily exposed to the troubled Baltic region, has scrapped 2009 bonuses for most of its employees – one of the boldest moves so far to rein in bonuses amid European banks.

About Skr214m (£18m) will be paid to employees whose contracts guarantee a bonus, but others will go empty handed.

Swedbank was the worst hit Nordic bank during the financial crisis and had to tap shareholders twice for funds, as well as relying on a Swedish government guarantee scheme for bank borrowing.