Carnegie, the Nordic investment bank and asset manager, has said it will not cut any jobs after strong mergers and acquisitions activity drove profit from its investment banking operations up 4%, despite poor equity capital markets results.

Carnegie's investment banking business has posted income of Skr656m (€69m) so far this year, up from Skr628m last year. The growth came from advisory fees, which were up 48% on 2000. Underwriting fees were down 42%.