It's not just Credit Suisse that's boldly hiring in 2016. Nordea has been recruiting too. Whether Nordea is still hiring is unclear, but it was certainly hiring before the referendum. And it looks well placed to carry on.
In the past few months, Nordea has made multiple senior hires for its markets and banking businesses in London and Scandinavia. Most notable among them is Mads Hultgreen who joined from BNP Paribas in June as chief sales manager, based in Norway. Hultgreen spent five years at BNP, latterly as head of oil and energy sales in EMEA. He previously worked for Goldman Sachs.
Hultgreen isn't Nordea's only new arrival. In April, it hired Claus Mikkelsen former head of Dutch & Nordic Macro Sales at Credit Suisse in London, as head of flow and rates solutions to institutional clients in Denmark. In March, the Norwegian bank picked up Erik Skog from Goldman Sachs in London as a Stockholm-based associate director in equity capital markets. In February, it hired Miles Kumaresan as global head of trading at Nordea Asset Management. Kumaresan previously worked for an unspecified hedge fund and was global head of algorithmic trading at Dresdner Kleinwort Wasserstein between 2004 and 2008.
In a note out today, banking analysts at Deutsche suggest Nordea has plenty going for it. While capital markets and M&A activity in the UK are plummeting, the Nordic region is doing just fine. Year-on-year, Nordic ECM is 86% higher, and Nordic M&A is 204% higher. Deutsche analysts forecast that both trading and asset management revenues at Nordea will rise sequentially this quarter. They think Nordic banks are the ' sector safe haven play in a period of political and economic uncertainty.'
Take heed. And check who Nordea wants to hire next.