Banks, EU – Baltic States, Financial Services

"Jesper Nielsen has made significant contributions to the bank throughout many years, most recently as Interim CEO, for which we thank him. 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," Karsten Dybvad, chairman of Danske Bank's board of directors said in a press release.

This concerns altogether 87,000 customers in Denmark who are to receive altogether over 400 mln Danish kroner as compensation.

Nielsen will now be released from his duties. Until a replacement has been found, Glenn Soderholm, member of the executive board and in charge of the banking activities in Norway, Sweden and Finland, will also take responsibility for the banking activities in Denmark.