In conjunction with the publication of the six-month report for 2008, Carnegie decided to initiate an action programme to reduce its cost base. Implementation of the first part of the programme, which only affects Sweden, has begun.
The measures consist of increasing efficiency in business processes, personnel reductions and phasing out of trading in currency and foreign equities (ADRs) in Stockholm. Some 40 positions in Sweden will be affected. Costs for this part of the programme are estimated to amount to SEK 40m and will be charged against earnings for the third quarter.
A further review that also includes operations outside Sweden is in progress and will be completed later this autumn.
The goal is to reduce expenses to the level prevailing at the end of 2006, corresponding to a cost reduction of about 10 percent, adjusted for the acquisition of Max Matthiessen.
For further information, contact:
Andreas Koch, Head of Communications and IR: +46 73 417 86 39, email@example.com
Carnegie is a leading independent investment bank with Nordic focus. Carnegie provides value-added services in securities brokering, investment banking, asset management, and private banking, as well as pension advisory services to institutions, corporations and private clients. Carnegie has approximately 1,100 employees in eight countries and is listed on the Nordic Exchange.