Swedbank third-quarter profit squeezed by costs for money-laundering fall-out

Swedish bank Swedbank reported a bigger-than-expected fall in third-quarter earnings on Wednesday as the costs to handle the fall-out of a money-laundering scandal in its Baltic business weighed. Net profit fell to 4.66 billion Swedish crowns ($482 million) compared to 5.53 billion crowns in the third quarter of last year and falling short of the mean forecast of 4.81 billion crowns in a Refinitiv poll of analysts. “We have spent more to manage the ongoing government investigations and to take measures to strengthen our AML processes,” newly appointed Chief Executive Officer Jens Henriksson said in the report, …read more

Source:: Yahoo Finance