Banks in the Nordic region have so far been reluctant to pare back their investment banking teams, instead choosing to make redundancies in back office functions.
However, so far this year, $57.6bn worth of M&A deals have been announced in the Nordic region so far this year, according to figures from Dealogic, which is nearly half the $110bn at this point in 2011.
The Nordic region is, of course, not the only place to be feeling a relative drought in deals. In larger markets, particularly the UK, this has finally started to result in redundancies. Across Europe, revenues of just $3.8bn have been earned on M&A deals, again according to Dealogic, and the likes of Nomura and Deutsche Bank have begun trimming their teams. Nordic banks could follow suit.
Nordea, which announced 2,000 job cuts last year, has shied away from cutting its investment banking team, Handelsbanken has been spending more on its wholesale division, while Swedbank hinted that jobs could soon go within its Large Corporates & Institutions (LC&I) arm.
Which are the safest banks? According to Dealogic’s rankings below Deutsche Bank is leading the way, followed by Bank of America Merrill Lynch and Rothschild. Nordea is the only local institution to feature in the top ten.