Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  NASDAQ OMX COPENHAGEN  >  Danske Bank A/S    DANSKE   DK0010274414

DANSKE BANK A/S

(DANSKE)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsPress ReleasesOfficial PublicationsSector newsAnalyst Recommendations

Danske Bank A/S : Fires Danish Banking Chief After Customers Overcharged

share with twitter share with LinkedIn share with facebook
share via e-mail
06/24/2019 | 03:18am EDT

By Dominic Chopping

Danske Bank AS (DANSKE.KO) on Monday dismissed executive board member and Head of Danish Banking Jesper Nielsen for his part in the mismanagement of a financial product that overcharged its customers.

Fees for Danske Bank's Flexinvest Fri product were raised in July 2017. In a statement Monday the bank said that interest rates at that time were low and expected returns were similarly low.

"In this perspective, the management decisions caused the fees to be set at too high a level in relation to the expected returns, Danske said. This meant that fees were too high for all customers, and it made the product unsuitable for some customers.

Fees weren't lowered again until November 2018.

The matter affects about 87,000 customers in Denmark, and Danske expects to pay out a total of around 400 million Danish kroner ($61 million) in compensation.

Danske is currently being investigated by Estonia, Denmark, France and the U.S. about allegations that around $230 billion in suspicious funds from Russia and other former Soviet states entered Europe through its tiny branch in Estonia.

As a result, then-CEO Thomas Borgen resigned amid the scandal and Mr. Nielsen filled in as interim CEO until a few weeks ago when former ABN AMRO Bank NV executive Chris Vogelzang took over.

"Jesper Nielsen has made significant contributions to the bank throughout many years, most recently as Interim CEO, for which we thank him," said Chairman Karsten Dybvad.

"But, in the specific matter, he was at the time one of the responsible executive board members who did not to a sufficient degree ensure that the Flexinvest Fri product was suitable for the bank's customers. Therefore, we find that Jesper cannot continue in his position."

Until a replacement has been found, Glenn Soderholm, head of banking activities in Norway, Sweden and Finland, will also take responsibility for banking activities in Denmark.

The Danish Financial Supervisory Authority has been informed and is currently looking into the matter. "In this connection, we expect to receive justified and severe criticism from the FSA," Danske concluded.

Write to Dominic Chopping at dominic.chopping@wsj.com; @domchopping @WSJNordics

Stocks mentioned in the article
ChangeLast1st jan.
DANSKE BANK A/S 0.92% 5.49 Delayed Quote.-31.76%
DANSKE BANK A/S -0.86% 73.4 Delayed Quote.-31.32%
share with twitter share with LinkedIn share with facebook
share via e-mail
Latest news on DANSKE BANK A/S
03/26DANSKE BANK A/S : -The US central bank is taking even more aggressive actions to..
AQ
03/23DANSKE BANK A/S : supports initiatives to mitigate the financial consequences of..
AQ
03/23SWEDBANK : pulls ex-CEO's golden parachute over money-laundering crisis
RE
03/20DANSKE BANK A/S : Fraudsters are taking advantage of the fear of COVID-19
AQ
03/19DANSKE BANK A/S : Setting the minimum requirement for own funds and eligible lia..
PU
03/19DANSKE BANK A/S : Frans Woelders joins Danske Bank's Executive Leadership Team
AQ
03/18DANSKE BANK A/S : The central banks are doing their best to help the economies i..
AQ
03/18DANSKE BANK A/S : Ex-dividend day for final dividend
FA
03/17DANSKE BANK A/S : Postponement of Danske Bank's annual general meeting called fo..
AQ
03/16DANSKE BANK A/S : sees lower net income this year due to coronavirus, suspends o..
RE
More news
Financials (DKK)
Sales 2020 41 488 M
EBIT 2020 13 272 M
Net income 2020 7 358 M
Debt 2020 -
Yield 2020 4,89%
P/E ratio 2020 9,53x
P/E ratio 2021 6,26x
Capi. / Sales2020 1,51x
Capi. / Sales2021 1,47x
Capitalization 62 662 M
Chart DANSKE BANK A/S
Duration : Period :
Danske Bank A/S Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends DANSKE BANK A/S
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 16
Average target price 112,43  DKK
Last Close Price 73,40  DKK
Spread / Highest target 172%
Spread / Average Target 53,2%
Spread / Lowest Target 2,18%
EPS Revisions
Managers
NameTitle
Chris Vogelzang Chief Executive & Operating Officer
Karsten Dybvad Dalsjö Chairman
Jacob Aarup-Andersen Chief Financial Officer
Charlotte Hoffmann Director
Carol Frances Sergeant Vice Chairman
Sector and Competitors
1st jan.Capitalization (M$)
DANSKE BANK A/S-31.32%9 381
JPMORGAN CHASE & CO.-34.63%280 131
INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED1.38%256 408
CHINA CONSTRUCTION BANK CORPORATION0.64%203 836
BANK OF AMERICA CORPORATION-37.42%188 455
BANK OF CHINA LIMITED0.00%136 162