Nordea Securities' corporate finance business, which has been trying to boost its profile this year, has been dealt a blow after the bank said it would cut 100 jobs in investment banking.

Nordea Securities is the investment banking arm of Nordic financial services group Nordea. The group will cut 100 of the 560 jobs within the securities division, or 18% of the workforce. The cuts come as the bank, along with others in the industry, grapples with the decline in the numbers of mergers and acquisitions and initial public offerings.