Despite SEB's business going by train, the focus of Wednesday's press and analyst meeting was the bank's suspected involvement in money laundering. Investors have learned after Ericsson and Telia's billion-dollar fines have learned that fines in the United States can really affect both a company's reputation and finances. However, the analysts' questions were met with a standard response of the type: "SEB for continuous discussions with relevant authorities in the countries we operate, including the US." However, according to the bank, no "sanctioned crime discussions" are ongoing in the US.

It seems to be lex Bonnesen, after Swedbank's former CEO Birgitte Bonnesen: say nothing that you then risk regretting.

SEB does not spend any money for fines

Investors, customers and the media should receive more detailed answers in this situation about the investigations that are ongoing in a number of countries. The bank should also be able to create more clarity on how likely it is that the bank will also investigate sanctions in the US. If we buy the bank's own crisis communication - and their own definition of a high-risk customer - it is a total of SEK 80 billion, which the bank obviously should not have taken with forceps between the years 2009 - 2018.

The quarterly report states that investigations are under way against SEB in all the Baltic countries. In Germany, the bank cannot rule out the fact that they are required to repay tax. It is said in a bipartisan case, but the prosecutor believes that this cost German taxpayers a billion SEK. SEB denies that the bank has made a mistake. At the same time, SEB has just been fined SEK 19 million for contributing to a breach of sanctions and that they did not have sufficient routines in place to prevent money laundering.

Despite all this, SEB has decided not to reserve any extra money for any fines from the Swedish Financial Supervisory Authority. The fine could potentially stay at several billion SEK, but the bank seems convinced that in the worst case scenario, they will have a financial equivalent to a slap on the hand.

Bonus programs roll on

A thorough reading of the bank's quarterly report also shows that the bank continues to roll on short-term and long-term bonus programs. Short-term bonuses to be paid in the near future landed at SEK 916 million for the year. An increase of 14 percent. Long-term compensation landed at SEK 863 million, an increase of 22 percent. There is also no plan to claim reimbursement during the years the bank is investigating because it "had no incentive structures to take increased risk in the Baltics." This is in stark contrast to Swedbank, which symbolically freezes the bonus for 170 managers.