Skanska slashes Nordic workforce by 3,400

Skanska is to make 3,400 employees in Nordic countries redundant - the equivalent of 6% of its workforce.

Sweden will see 2,000 job cuts, while Norway and Finland are also expected to be affected, according to the BBC.

Skanska employs 60,000 people worldwide, and 20,500 in Nordic countries.

The company has reported a fall in third quarter profits, and warned that it expected orders for new homes to drop by 15% in 2009.

Chief executive Johan Karlstrom said Skanska needed to adapt costs "to a lower business volume in the Nordic construction markets".