Enskilda Securities, the corporate finance subsidiary of Swedish financial services group SEB, is to outsource its European analyst research exclusively to Bear Stearns, the US bank, as part of its cost-cutting plan announced at the end of 2002.

As a result of the deal, Enskilda is expected to close its European coverage operation, which is based in Paris, and cut 10% of its entire analyst staff. The remaining 65 analysts will continue to cover Scandinavian stocks across the Nordic region.