Nordea's decision to slash nearly 20% of its Nordea Securities investment banking workforce should have only a limited impact on the Nordic bank’s derivatives business, it announced yesterday.Nordea is shaking up its operations under the stewardship of Lars Nordström, who was named group chief executive on August 26. Its Nordea Securities unit will lose 100 of its 560 staff due to tough market conditions in investment banking, the bank said. While the cuts were described as “across-the-board”, most jobs will go in corporate finance and equities, said a Nordea spokesman.
The bank, which reorganised and centralised its asset management unit in Copenhagen on August 28, said it would maintain a country-specific focus for investment banking. Nordea Securities has offices in Stockholm, Copenhagen, Oslo, Helsinki, London and New York. The investment banking unit is now run by Frans Lindelöw, who moved to Nordea in late August, having previously worked as head of European equities at HSBC.
More on People
Bank veterans Bristow and Pluta promoted to global co-heads, reporting to Rohrbaugh
US firm recruits externally as it looks to boost savings business
US bank parts company with 15-year veteran who moves to the buy side
Chris Leone and Dushyant Chadha replace Paul Galietto
Sign up for Risk.net email alerts
Sponsored video: MarketAxess
Sponsored video: Tradeweb
Multifonds talks to Custody Risk on being nominated for the Post-Trade Technology Vendor of the Year at the Custody Risk Awards 2014
Sponsored webinar: IBM Risk Analytics
There are no comments submitted yet. Do you have an interesting opinion? Then be the first to post a comment.