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Bloomberg
Danske Bank A/S unveiled a set of broad changes to its management team, replacing its head of wealth management and appointing a new finance chief as part of a plan it says will make its business more efficient.
The reorganisation was announced just one day after Denmark’s biggest bank, which is based in Copenhagen, said an executive who had overseen operations connected to a money laundering investigation was stepping down. Chief Executive Officer Thomas Borgen, 54, said the news was unrelated to the ongoing probes into Danske’s alleged failures to prevent its Estonian unit from being used to launder billions of dollars several years ago. The purpose of the new structure is to create a simpler organisation, he said.
“What I am doing now is basically making sure that we get much closer to our clients and amplify the positive development,†Borgen said by phone. “It’s nothing to do†with the investigation into money laundering, he said. Chief Financial Officer Jacob Aarup-Andersen, 40, will become the head of Danske’s $250 billion wealth management operations as the current head, Tonny Thierry Andersen, steps down, the bank said. The CFO role will be filled by Christian Baltzer, who had been finance chief at insurer Tryg A/S. The changes also include merging Danske’s personal and business banking into country organisations.