Swedbank has rejigged the top table within its new Large Corporates & Institutions (LC&I) division, which could soon lead to more opportunities for relationship managers with knowledge of Nordic “second tier” corporations.
Last month, bank has promoted current deputy head Magnus Gagner Geeber into the top job at LC&I, while current head Stefan Carlsson has been bumped upstairs to become a senior adviser to CEO Michael Wolf and the group executive management.
Geeber, a former regional head of Stockholm, head of the former Swedbank Markets (which was last year merged into L&CI) and head of the bank’s export and project financing, is considered by many financial observers as a safe pair of hands who is unlikely to change the division’s direction radically.
“It is not going to make a huge amount of difference; it is not considered that important a change. He has a good reputation,” says one analyst, who declined to be named.
This means the division’s focus, as outlined by Carlsson in December, on strengthening its presence in ECM, corporate finance, equities and sales, trading and research, is likely to remain, with Geeber himself putting an emphasis on continuity.
But others are suggesting we might see a more subtle repositioning of LC&I, something that may in turn create some hiring opportunities.
“He is pretty well regarded. But over time I think we may well see a change of direction. What Swedbank is trying to do is move its focus away from larger segments and go for the smaller, second tier parts of the market,” explains another analyst, who also declined to be named.
“There has already been some hiring going on, particularly around relationship managers who know that smaller segment of the market.
“Geeber will, I suspect, definitely be looking to add some people, who already have relationships with these sorts of companies,” he adds.
In a separate development, the bank has recently been advertising for IT specialists to work within L&CI, specifically application developers to work on middle office systems for risk and FX trading.