Swedish lender Swedbank has said it would slash between 600 to 800 jobs over the coming two years to lower total expenses.
The bank, which reported a 9% jump in third-quarter net profit, added that it will cut jobs mainly through attrition.
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The banks aims to slash costs "towards SEK16bn" ($2.23bn) in 2016 from SEK16.6bn in 2013 to to adjust to the low rate environment created by unprecedented central bank easing, according to Bloomberg.
The central bank of Sweden reduced its main interest rate by 50 basis points to 0.25% on July 3 which has opened the possibility of a deflationary spiral.
This has compelled various banks such as Nordea Bank, SEB, along with Swedbank to predict that the Riksbank will be forced to further decrease rates before this year end.
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