Danske Bank DK banking head dismissed over fees scandal

Danske Bank has announced that its head of Banking DK, and member of the executive board Jesper Nielsen has been dismissed after it emerged that the bank will have to pay up to DKK400m (€53.6m) to reimburse customers who paid excessive fees on a type of investment account available in the Danish market. The Flexinvest Fri account enables customers to access professional investment capabilities for investments starting at DKK5,000. A key element of the product is that the bank offers to managed all related issues, such as ensuring trades are done and relevant tax is paid, while customers ...