Sweden's SEB, the financial services firm, is to let go 30 out of the team's 50 staff having decided not to go ahead with the marketing launch of its UK e-banking arm because of deteriorating market conditions.

SEB launched its e-banking and broking platform in early February for the UK market and planned an extensive marketing launch throughout the spring, but as conditions have deteriorated the firm has decided against this, said a spokesman at the firm in Stockholm.