Sweden Herald - Latest Sweden News | Swedbank cuts 550 jobs by end of 2027 by Sweden Herald AI generated summary, Read the full article for complete information. Swedbank’s CEO Jens Henriksson said the new mortgage rules introduced on 1 April – raising the ceiling for new loans from 85 % to 90 % of a property’s value while temporarily limiting increases to existing mortgages to 80 % – spurred a “hoarding effect” as customers rushed to expand their loans before the limit was lifted, leading to a modest rise in mortgage inflows. At the same time, the bank announced a restructuring that will cut full‑time staff from 17 350 to 16 800 by the end of 2027, at an estimated cost of SEK 1.3 billion, with expected annual savings of about SEK 1 billion from 2028 onward. Henriksson noted that the changes have only a minor AI component, emphasized that mortgage margins remain stable despite recent rate hikes that outpaced deposit‑rate increases, and reported first‑quarter adjusted profit of SEK 10.2 billion, down from SEK 11.2 billion a year earlier, with net interest income falling to SEK 11.1 billion. Read more: https://swedenherald.com/article/swedbank-net-interest-income-higher-than-expected-in-the-first-quarter #Swedbank #JensHenriksson #CentralBank