Investment bankers and traded are generally not an appreciated commodity in most countries currently – most firms have cut jobs and rumours of further redundancies are emerging on a regular basis. The exception, however, seems to be the Nordic region.
Danske Bank is speeding up the 2,000 job cuts announced last year, and plans to implement them by 2013. The focus, however, will on cutting retail bankers, while those working in its markets division will largely be spared because it is “less people demanding”, according to its chief executive officer, Eivind Kolding.
The bank is by no means alone – Nordea, for instance, is largely cutting back office staff as it eliminates 2,000 jobs and avoiding its investment bank, SEB increased headcount in its merchant banking division last year while Swedbank has yet to roll out redundancies there despite promising a “cost analysis” of staffing.
A recent example of this is at boutique firm Houlihan Lokey, which this month hired Kristian Terling as managing director and head of Nordic coverage.