Swedbank to cut 550 jobs and sell invoicing unit Payex

Swedbank plans to reduce its workforce by 550 employees by the end of 2027 and begin the process of selling its invoicing service Payex, the bank announced in its first-quarter earnings report on Tuesday, according to Swedish public broadcaster SVT Nyheter.

The bank reported an unexpected increase in net interest income, though overall profits declined compared to the same period last year. Swedbank’s adjusted profit before tax, loan losses, and other charges fell to 10.2 billion Swedish kronor (around $950 million) in the first quarter, down from 11.2 billion kronor in the same quarter of 2025.

CEO Jens Henriksson described the results as a “stable start” to 2026, with earnings meeting analyst expectations. Net interest income—the difference between lending and deposit rates—reached 11.1 billion kronor, slightly below the 11.5 billion kronor recorded a year earlier but above the 10.9 billion kronor forecast by Bloomberg.

Restructuring to save 1 billion kronor annually

The bank aims to reduce its full-time workforce from 17,350 to 16,800 by 2027. The reorganization, expected to cost 1.3 billion kronor in 2026, is projected to yield annual savings of around 1 billion kronor starting in 2028.

Swedbank also confirmed plans to divest Payex, its invoicing services unit, following its acquisition of Entercard. Henriksson stated that the sale would allow Payex to expand while freeing up capital for the bank.

“After acquiring Entercard, we have clarified our strategy for cards and consumer credit,” he said. “We will grow our card business with existing customers and partners, while Payex—primarily focused on invoicing solutions—will have better opportunities to develop independently.”