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Nordea CEO Says Headcount Must Fall to Meet Cost-Cut Goals

Von Koskull says Nordea needs to be `best-in-class' on costs
CEO says ``low 40s'' should be cost-to-income goal for Nordea

By

Frances Schwartzkopff and

Niklas Magnusson

May 10, 2016, 7:05 AM UTCUpdated onMay 10, 2016, 10:22 AM UTC

Nordea Bank AB will cut more jobs as Scandinavia’s largest lender looks for ways to lower its cost-to-income ratio by about one-fifth.

“Over time the headcount will be lower,” Chief Executive Officer Casper von Koskull said in an interview at Nordea’s headquarters in Stockholm. “A best-in-class retail bank operates today with a cost-to-income ratio in the low 40s. Surely we should be where the best-in-class is.”