|Bid||100.60 x 0|
|Ask||100.65 x 0|
|Day's Range||98.58 - 100.65|
|52 Week Range||97.58 - 202.30|
|Beta (3Y Monthly)||0.77|
|PE Ratio (TTM)||7.07|
|Earnings Date||Jul 18, 2019|
|Forward Dividend & Yield||8.50 (8.58%)|
|1y Target Est||183.95|
(Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.Danske Bank A/S didn’t just suffer a fresh hit to its reputation with its latest scandal, it also lost its most experienced and loyal executive.Jesper Nielsen, who was fired on Monday in a scandal involving overcharging customers, was the longest serving of the 10 people at the top of Denmark’s biggest bank. The 50-year-old joined fresh out of the university in 1996 and was one of only two executives to have worked at the Copenhagen-based lender for more than a decade.The bank has now all-but cleaned house in its upper levels in a bid to restore trust after a $230 billion money laundering scandal exploded at its Estonian unit. The unexpected dismissal of Nielsen shows its commitment to not accepting any more missteps, but it now also faces an uphill battle because its chairman, CEO and CFO are all less than a year into their jobs.The loss of institutional memory adds pressure on new CEO Chris Vogelzang, a Dutch national who’s only been with the bank since June 1 and who will now have to steer the 147-year-old Danish institution out of more than one crisis.“Danske is losing an important executive profile at a fairly critical time,” Simon Hagbart Madsen, an analyst at Jyske Bank, said by phone. “The stock market is getting a bit nervous over the number of experienced leaders who have left the bank at a time when it needs to get through the money laundering crisis and emerge on the other side.”Share DropShares in Danske fell as much as 3.1% on Tuesday, to the lowest in almost six years. The decline extended losses on Monday and sent the stock down by 60% since the start of last year, when revelations about the laundering scandal began to pick up.The now nine members on the executive board have a total of about 44 years of experience at Danske between them. One of them, Glenn Soderholm who’s head of Nordic banking, has about half of those years, according to resumes on the bank’s website. The second-longest serving executive is Jacob Aarup-Andersen, head of wealth management. The 41-year-old was last year prevented by the Financial Supervisory Authority from taking over as CEO, with the regulator arguing he wasn’t experienced enough.Jesper Berg, the head of the FSA, declined to comment on Nielsen’s dismissal.“The bank fortunately also has a lot of good employees below the executive level, employees who have long experience at the bank,’’ Berg said in the phone interview. “But I would say that this underlines the need for Danske Bank to have succession plans for its managers and I’m sure that the CEO and the chairman have that up high on their agendas.”Nielsen was named interim CEO in October, when the bank ousted Thomas Borgen; days later, Danske confirmed market fears, announcing that U.S. authorities were investigating the bank for laundering. In the months that followed, Nielsen drew praise for his handling of the crisis, including efforts to reach out to both corporate and retail customers.But on Monday Nielsen was fired after it emerged that 87,000 domestic customers were improperly charged for investments in a savings product. Danske expects it will have to repay about $60 million in compensation. The news risk denting further its reputation among customers, many of whom have already left in protest over the Baltic laundering scandal.Danske Chairman Karsten Dybvad praised Nielsen for his “significant contributions” but said that as the executive board member responsible for the investment product in question (called Flexinvest Fri), he couldn’t continue in his position, according to a statement.Vogelzang said that Danske Bank must put customers “at the heart of everything” and that the company had failed to do so in this case because of “misguided management decisions.”(Updates with share price, additional comment from Danske.)To contact the reporters on this story: Christian Wienberg in Copenhagen at firstname.lastname@example.org;Frances Schwartzkopff in Copenhagen at email@example.comTo contact the editors responsible for this story: Jonas Bergman at firstname.lastname@example.org, Nick RigilloFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Danske Bank has dismissed its former interim chief executive Jesper Nielsen after thousands of Danish customers were overcharged for an investment product, a first step by its new boss to restore trust in the troubled lender. The case, which the Danish financial services authority called "very serious", is another blow to the reputation of Denmark's biggest bank which is trying to limit the fallout from its involvement in a major money laundering scandal. Both the FSA and the public prosecutors "are pursuing the possibility of penalising the bank," the country's acting business minister Rasmus Jarlov said on Facebook.
The Danske Bank manager who was made interim chief executive after a €200bn money-laundering scandal has been dismissed over a separate mis-selling scandal in a further embarrassing setback for the Danish lender. Jesper Nielsen has been fired as head of the lender’s Danish bank because of a role he allegedly played in the mis-selling of a wealth management product. Mr Vogelzang said on Monday that, following an internal whistleblower’s report in September, 87,000 of the bank’s customers who invested in the Flexinvest Fri investment product had been overcharged fees in comparison with expected returns.
(Bloomberg) -- Denmark’s biggest bank, already struggling to recover from a money-laundering scandal, fired the man who until last month was interim CEO because some clients paid too much for an investment product.Danske Bank A/S said Monday that it had dismissed Jesper Nielsen, head of banking in Denmark, after it emerged that tens of thousands of domestic customers were improperly charged. The lender now owes them a total of 400 million kroner ($61 million) in compensation.Nielsen, 50, ran the bank as interim CEO following the $230 billion dirty-money debacle and was tipped as a potential permanent leader before Danske picked Chris Vogelzang, a former ABN Amro banker, for the top job. The bank’s shares have plunged 60% since early 2018, as the laundering affair unfolded, and fell as much as 2.7% after Monday’s announcement.Nielsen “did not to a sufficient degree ensure that the Flexinvest Fri product was suitable for the bank’s customers,” Chairman Karsten Dybvad said in a statement. “Therefore, we find that Jesper cannot continue in his position.”Danske fired CEO Thomas Borgen in October over the laundering scandal and Nielsen had acted as interim CEO until June. Nielsen, a Danish national, had been with Danske since 1996.Vogelzang apologized to clients in a statement. “Misguided management decisions” meant that Danske didn’t give customers “proper advice,” he said. “We will take all the steps necessary to prevent something similar from happening again in future.”Danske said that 87,000 customers were overcharged during the implementation of new MiFID II regulation in 2017. The bank said the fees were too high compared with expected returns in a low-interest environment, making the product “unsuitable for some customers.”While Danske searches for a replacement for Nielsen, Glenn Soederholm, who’s head of banking in the other four Nordic countries, will take over the Danish banking division.Danske said it had informed the Danish Financial Supervisory Authority, which is looking into the matter. “We expect to receive justified and severe criticism from the FSA,” Danske said.Danske said it was made aware of the issue through an employee’s report in September. The lender was criticized for not taking internal whistle-blower reports seriously during the nine years through 2015, when its Baltic operations were allegedly used to launder Russian money.(Adds details on Nielsen’s background.)To contact the reporter on this story: Christian Wienberg in Copenhagen at email@example.comTo contact the editors responsible for this story: Tasneem Hanfi Brögger at firstname.lastname@example.org, Nick RigilloFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Danske Bank’s Board of Directors has today dismissed Jesper Nielsen from his position as Member of Danske Bank’s Executive Board and Head of Banking DK. “Jesper Nielsen has made significant contributions to the bank throughout many years, most recently as Interim CEO, for which we thank him.
Swedbank has ousted the chief executive and finance director of its Estonian operations as part of its internal investigation into extensive money laundering allegations against Sweden’s oldest bank in ...
Russia’s central bank shifted solidly to monetary easing, saying its first interest rate cut in more than a year on Friday could be followed by two more in 2019, as inflation slows and growth sputters. The move makes Russia the latest emerging market to shift toward more dovish policy as escalating trade woes weigh on growth. The change in trajectory of interest rates in developed economies reduces the risk of persistent outflows from emerging markets, the Bank of Russia said in a statement.
The currency slumped as much as 1.4% and was 1.2% weaker at 14.6210 per dollar by 1:20 p.m. in Johannesburg. Yields on benchmark 2026 bonds climbed two basis points, reversing a drop of as much as four points. The data highlight the task facing President Cyril Ramaphosa’s new administration in boosting investor confidence in the economy as its confronts a yawning fiscal deficit and escalating debt that are putting South Africa’s final investment-grade credit rating at Moody’s Investors Service at risk.
Correction: Danske Bank credit-linked structured notes On 1 April 2015, Danske Bank issued credit-linked note. The note are designated “DB Europa High Yield 2020 in EUR” (ISIN.
Danske Bank, which is trying to recover from a major money laundering scandal, has agreed to sell its portfolio of Estonian private loans to LHV Pank in a deal worth 410 million euros ($458.3 million), Estonia's LHV said on Monday. Danske Bank has already said it will pull out of the Baltic states and Russia after Estonia earlier this year ordered it to close the branch at the center of one of the largest ever money laundering scandals.
29 May 2019 Report No. 7/2019 Transactions made by persons obliged to report transactions to the Danish FSA and Nasdaq Copenhagen, cf. the EU Market Abuse Regulation..
Sweden has rejected an appeal from campaigning investor Bill Browder which had urged authorities to pursue a complaint alleging accounts at Swedbank were used to launder money, the Economic Crime Authority (EBM) said on Wednesday. Browder's complaint was originally filed in March and was dismissed a month later as the transfers involving Swedish accounts had occurred before tighter anti-money laundering legislation was introduced in 2014 and as the statute of limitations had expired in the case. Browder appealed, but the EBM said it had rejected his appeal.
The move, confirmed by Morch on his LinkedIn profile, takes the total number of former Danske managers facing preliminary charges in the case to nine, people with knowledge of the investigation told Reuters. Morch, responsible for business banking including the Baltic operations of Denmark's biggest bank from 2012 until he resigned in April last year, did not detail the preliminary charges, and his lawyer declined to give further comment. Two sources familiar with the matter said others facing preliminary charges were accused of breaching Danish money laundering laws.
14 May 2019 Report No. 4/2019 Transactions made by persons obliged to report transactions to the Danish FSA and Nasdaq Copenhagen, cf. the EU Market.
The Nordic region's six major banks are joining forces to set up a customer checking centre to crack down on money launderers, part of efforts to recover from a scandal that has shaken confidence in the finance industry. Danske Bank and Swedbank have lost billions from their market value after becoming embroiled in a money laundering scandal involving their businesses in the Baltics. The banks have promised to take steps to rectify shortcomings, such as their planned joint venture with rivals Handelsbanken, Nordea, SEB and DNB to perform common customer checks.
Danske Bank hired former ABN AMRO banker Chris Vogelzang as its new chief executive on Friday as it wrestles to limit the fallout from its involvement in one of the biggest money laundering scandals. Denmark's biggest lender is being investigated in Denmark, the United States, Britain and the Baltics after revealing that 200 billion euros ($224 billion) in suspicious transactions passed through its Estonian branch between 2007 and 2015. Among the challenges facing Vogelzang, who was on the management board of Dutch bank ABN AMRO until 2017, are rebuilding investor and customer trust and keeping Danske Bank focused during the myriad inquiries into its conduct.