|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's Range||7.21 - 7.29|
|52 Week Range||6.38 - 13.63|
|Beta (3Y Monthly)||0.63|
|PE Ratio (TTM)||5.09|
|Forward Dividend & Yield||0.65 (8.96%)|
|1y Target Est||2.50|
Facebook's proposed Libra cryptocurrency falls into a "big gap" in European Union financial regulation at a time when the bloc's ability to tackle money laundering is already stretched, a top EU regulator said on Thursday. Jose Manuel Campa, chair of the European Banking Authority (EBA) said it was necessary to "keep an eye" on cryptoassets like Libra. The watchdog had issued investor warnings before Libra was even mooted that cryptoassets could be channels for money laundering activities, he said.
Danske Bank named Stephan Engels from Commerzbank as its finance chief on Thursday, in an ongoing overhaul by the Danish lender's new boss to restore trust after its involvement in a damaging money laundering scandal. Together with shipping firm AP Moller-Maersk and brewer Carlsberg, Danske is part of a powerful axis in Danish business life and has traditionally been led by either Danish or Scandinavian executives. For Commerzbank, the unexpected departure of Engels, its long-time chief financial officer, comes as the German bank is in the middle of a review of its strategy following this year's failed merger talks with Deutsche Bank.
(Bloomberg) -- Danske Bank A/S unveiled a number of changes to its executive team, including a new chief financial officer taken from Commerzbank AG.Chief Executive Officer Chris Vogelzang, who started at Danske in June, presented a revamped team of top managers to help steer Denmark’s biggest bank through the fallout of its vast money laundering scandal. Stephan Engels will become CFO in April, replacing Christian Baltzer, who will leave the bank after less than a year, Danske said on Thursday.Vogelzang said Engels, who has also held senior positions at some of the biggest carmakers in Germany, brings “strong execution expertise and management experience.”The re-organization follows a series of executive purges at Danske and marks the second time Vogelzang has made changes since taking the helm just a few months ago. His predecessor, Thomas Borgen, has had preliminary criminal charges brought against him because of the laundering affair. An interim CEO who ran the bank before Vogelzang joined, Jesper Nielsen, was fired not long ago for his role in a separate scandal, in which Danske overcharged retail investors.As part of the organizational adjustments announced on Thursday, Danske said it will make its Swedish CEO, Berit Behring, the bank’s head of wealth management. She will replace Jacob Aarup-Andersen, who will temporarily serve as CFO until Engels joins. After that, Aarup-Andersen will run Danske’s Danish operations.The bank also said that Chief Operating Officer Jim Ditmore will leave with a search for a replacement under way, as will Frederik Gjessing Vinten, the bank’s head of group development, whose job is being canceled.Commerzbank said it was sorry to see Engels leave. As Commerzbank’s finance chief since 2012, he’d helped shape the lender’s new strategy, which included a pivot away from investment banking and toward servicing the retail clients and mid-sized corporate clients in its home market.His departure is a setback for Commerzbank CEO Martin Zielke, who already had to give up most of his medium-term targets amid an economic slowdown in Europe’s largest economy and the prospect of lower interest rates.“I deeply regret Stephan Engels’ decision, but understand his desire to embark on a new, international challenge,” Zielke said in a statement.Before Commerzbank, he was head of finance & controlling at carmaker Mercedes-Benz and head of group controlling and reporting at Daimler AG. Born in Hamburg, Engels studied economics at the University of St. Gallen in Switzerland.\--With assistance from Christian Baumgaertel and Steven Arons.To contact the reporter on this story: Christian Wienberg in Copenhagen at firstname.lastname@example.orgTo contact the editor responsible for this story: Tasneem Hanfi Brögger at email@example.comFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Danske Bank named Stephan Engels from Commerzbank as its finance chief on Thursday, the latest step by the Danish lender's new boss to restore trust after its involvement in a damaging money laundering scandal. For Commerzbank, the unexpected departure of Engels, its long-time chief financial officer, comes as the German bank is in the middle of a review of its strategy following this year's failed merger talks with Deutsche Bank . Commerzbank, Germany's second-largest bank behind Deutsche, is looking at possible staff cuts and closing some branches, sources have told Reuters.
Denmark's financial watchdog said on Friday it had reported Danske Bank to the police for overcharging customers, the latest blow to the lender as it tries to restore trust after involvement in a major money laundering scandal. The FSA said in June it was investigating the bank for failing to inform customers that it expected a poor performance from its Flexinvest Fri investment product and for continuing to sell it to new customers after raising fees associated with it in 2017. "This is a very serious breach of the consumer protection rules (which) can also weaken confidence in the financial system," the FSA said in a statement.
Denmark's financial watchdog has prepared a draft report to send to Danish police over Danske Bank's overcharging of customers, a scandal that led to the dismissal of the bank's former interim chief executive. "It's correct, there is a draft for a police report," spokesman for the Financial Supervisory Authority (FSA), Soren Christensen, told Reuters. According to Danish daily Jyllands-Posten, which first reported the story, the information prepared for the police is still subject to approval by FSA management.
European shares fell on Tuesday as a profit warning from chemicals giant BASF led to a slide in German shares, which were on course to post their biggest drop in two months. The pan-European STOXX 600 index fell 0.7% by 0815 GMT, in line with its Asian peers and Wall Street overnight amid dimming hopes of a sharp interest rate cut by the U.S. Federal Reserve later this month.
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.
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.
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.