Birgitte Bonnesen, who lost her job after three years as CEO, had repeatedly sought to downplay the affair, feeding concerns that she misled investors, analysts and the media on multiple occasions. She had enjoyed the backing of Idermark until a week before she was fired. The day she was ousted, Bonnesen told local media she felt she’d done nothing wrong.
For now, the bank has appointed its former chief financial officer, Anders Karlsson, as CEO. Its former deputy chair, Ulrika Francke, has taken Idermark’s place. The biggest shareholders have requested an extraordinary meeting to address the future of the board, including the election of a new chairman.
Olsson says Swedbank can’t just replace its two top people with the “next in line” inside the bank.
He also says that “from what I know so far I’d say that there’s a big risk of fines” facing the bank. The hope is that bringing in an outsider “would send signals to the U.S. authorities that business in fact isn’t going on as usual.” He says that could ultimately make a difference to the size of the fine Swedbank may have to pay.
Francke, the interim chairwoman, said on Friday that the board will hold an EGM once the nomination committee has concluded its work. “Until then, the board’s work continues, with big focus on restoring confidence in the bank," she said.
This article was provided by Bloomberg News.