 Following defeat of the Moderate Party in the 1994 general election, Borg worked in the private Bank sector.From 1995 to 1998 he worked at the company Transferator Alfred Berg as responsible for economic and political analysis.From 1998 to 1999 he was Chief Economist at ABN Amro Bank in Stockholm and from 1999 to 2001 he was Head of the Economic Analysis Department at Skandinaviska Enskilda Banken (SEB) in Stockholm.