According to Swedish FSA, both the companies have been imposed with administrative fines of SEK3m ($448,000) for not deferring parts of their variable remuneration to risk-takers as required by the regulations.
FSA has been conducting a survey of the financial institutions’ bonus structures. The authority had already fined four companies in June 2011 as part of its first round of survey.
Nordea, one among the ten largest universal banks in Europe in terms of total market capitalisation, has around 11 million customers, 1,400 branch offices providing a range of products, services and solutions related to banking, asset management and insurance.
