Nordea’s Wholesale Banking Unit in Need of ‘Thorough Review’

Nordea Bank Abp’s activist investor Cevian Capital wants management to conduct an in-depth review of its wholesale banking activities after years of underperformance.

Christer Gardell, managing partner at Stockholm-based Cevian, said that “it’s obvious that the segment is not performing,” in emailed comments to Bloomberg. That’s why Cevian thinks Nordea needs to do “a thorough review of the size and scope of operations,” he said.