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

DANSKE BANK A/S

(DANSKE)
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Delayed Quote. Delayed NASDAQ OMX COPENHAGEN - 04/07 11:09:59 am
75.92 DKK   +3.52%
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Danske Bank A/S : in hiring freeze to fund scam costs

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10/11/2019 | 01:11am EDT

DANSKE Bank has initiated a hiring freeze on non-critical positions in a bid to meet rising compliance costs related to its involvement in a money laundering scandal.

"The hiring freeze comes after we've seen higher compliance costs and costs related to our anti-money laundering efforts," a spokesperson for the Danish bank said.

"This is part of our ongoing focus on costs, as we, like all other banks, are challenged by low interest rates and low margins," he said.

The hiring freeze would not include critical positions such as regulatory jobs, the spokesman added.

He did not comment on how much the bank would save on the hiring freeze or how long it would be in place.

The bank said in February it would spend up to 2bn Danish crowns (£241.m) to step up anti-money laundering efforts, such as improving IT systems and hiring compliance staff, after the bank became embroiled in a major money laundering scandal.

It said last year it had channelled €200bn (£180bn) of payments through its Estonian office, many of which the bank said were suspicious.

The former head of Estonia's financial regulator recently hit out at Danish authorities for not having spotted the extent of the problem at Danske Bank.

"The Danish FSA [Financial Supervisory Authority] took a view that it is not a very serious problem, and the same applied to Danske's main office in Denmark," Raul Malmstein told the BBC's Today Programme.

Malmstein's comments were made shortly after Aivar Rehe, the former boss of Danske Bank in Estonia, was found dead near his home in Estonian capital Tallinn.

The bank was subsequently forced to close its Estonian branch in the wake of the scandal. Danish prosecutors filed four preliminary charges in November 2018.

As a consequence of the money laundering scandal, Danske Bank was named as 2018's most corrupted actor by the Organized Crime and Corruption Reporting Project. a consortium of investigative centres in eastern Europe.

(c) 2019 City A.M., source Newspaper

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Financials (DKK)
Sales 2020 41 068 M
EBIT 2020 12 704 M
Net income 2020 6 230 M
Debt 2020 -
Yield 2020 3,07%
P/E ratio 2020 11,3x
P/E ratio 2021 6,94x
Capi. / Sales2020 1,58x
Capi. / Sales2021 1,54x
Capitalization 64 813 M
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Mean consensus HOLD
Number of Analysts 16
Average target price 106,09  DKK
Last Close Price 75,92  DKK
Spread / Highest target 163%
Spread / Average Target 39,7%
Spread / Lowest Target -1,21%
EPS Revisions
Managers
NameTitle
Chris Vogelzang Chief Executive & Operating Officer
Karsten Dybvad Dalsjö Chairman
Stephan Engels Chief Financial Officer
Charlotte Hoffmann Director
Carol Frances Sergeant Vice Chairman
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