Sweden’s Handelsbanken cuts staff, number of branches

Handelsbanken said on Wednesday it would reduce its number of branches to around 200 from 380 by the end of 2021 and reduce its workforce, affecting around 1,000 employees in Sweden over the next two years.

It said in a statement the changes would lower its costs to around 20 billion crowns ($2.28 billion) by the end of 2022, and that it was making a provision in the fourth quarter for expenses estimated at around 1.5 billion.

It said the changes were a result of the Swedish part of a review of the group’s business operations that was announced last year.