Compared to the first quarter of 2011, it’s been a decent start to the year for SEB’s Nordic-based corporate and investment banking business. It’s expanding…but restricting this to Asia.
This division offers services to clients in the Nordic region and based in Germany, but is expanding in Asia in order to “support German and Nordic large corporate and institutional customers”.
The good news for those working in SEB’s wholesale banking division is that staff costs have remained relatively stable – falling by just 3% year-on-year, which suggests that headcount has not been scaled back, since the bank has already stated its intention to scale back compensation.
Within its capital markets business, debt remains the safest place to be, however. SEB says that its debt capital markets advisory and trading revenues performed well during the first quarter, but that equities are still seeing “earnings pressure”.