Swedbank cuts around 100 jobs in the Baltics as group restructures

Swedbank is reducing its workforce by around 500 employees across the group, including approximately 100 in Latvia, Lithuania and Estonia. The figures were disclosed by Olavi Lepp, head of Swedbank Estonia, in an interview with ERR on 27 October.

The bank employs more than 6,000 people in the Baltic states. The distribution of the cuts between the three countries has not been disclosed.

Lepp explained that Swedbank had expanded its workforce during a period of heavy investment in IT development and data modelling. With some of these projects completed and profitability returning to normal levels, the bank no longer needs the same number of employees. Some affected staff are being offered opportunities to retrain or move into other roles.

Swedbank is also testing more than 90 AI applications across the group. Lepp acknowledged that automation could lead to further workforce reductions, although he did not identify AI as the cause of the current cuts.

The announcement follows DNB’s restructuring, which will eliminate approximately 400 positions across its Technology & Services division, including an undisclosed number in Riga. Unlike Swedbank, DNB has explicitly identified AI-driven automation as one of the reasons for its workforce reductions.

Source: ERR, 27 October 2026.