Johan Nylander, The Swedish Wire
Sweden's main trade union for employees in the financial sector said Friday talks with the employer's organization have broken down and a conflict is looming nearer.
“We were prepared to negotiate further, but the employer's organization were not willing to compromise on their origin claims, "said Ulrika Boëthius, negotiation manager and first vice chairman at the Financial Sector Union of Sweden, adding that the organisation now prepare for a possible notice of industrial action.
The action would come into force March 5.
Swedish banks' profit in 2010 was over 50 billion kronor ($7.8 billion), after loan losses and taxes. The union demans a wage increase of 3 percent of its members, which would cost the banks some 600 million kronor.
The Financial Sector Union of Sweden has some 30,000 members in 375 different companies. The employer's organization, Bankernas Arbetsgivareorganisation, represents more or less all Swedish banks.
Sweden's robust economic recovery helped the Scandinavian country’s for biggest banks – Nordea, Handelsbanken, SEB and Swedbank -- beat forecasts in the fourth quarter. Nordic banks have bounced back from the financial downturn quickly relative to their European peers, thanks to robust economic growth, early moves to raise capital and improved loan books in crisis-hit areas such as the Baltics.
Swedish bankers threaten to go on strike