The investment banking and capital market divisions of Nordic banks have so far been largely spared from redundancies. Unfortunately, tumbling deal flows means the spectre of job cuts could be on the horizon.
Even debt capital markets, which are being held up by increased activity in Sweden, are likely to fall by 10% year-on-year, according to research from Nomura analysts. Equity capital markets and M&A is set to fall by 50%, they suggest.
In such circumstances it pays to be working in the banks leading the pack. In most areas, this is Nordea, which tops the rankings for Q2 in both ECM and DCM (admittedly gaining a bigger share of a smaller pie). International players dominate M&A in the region.