Danske Bank CEO says he's ready to cut more jobs

Danske Bank Chief Executive Officer Thomas Borgensignaled he’s ready to cut more jobs unless investors return to the fixed income and currency markets.

'We have during the second quarter adjusted our cost base', Borgen said in a phone interview yesterday. 'When, or if, the market returns, we are very well positioned. But if we don’t think it will return, we will of course do further measurements to that respect'.

Bloomberg News reports that Danske’s revenue from market making plunged 77% in the second quarter from a year earlier, dragging down net trading income. The bank is 'unlikely' to reach its full-year trading income target of $1.4bn, Borgen said during a conference call.

A lack of volatility, as well as uncertainty on the direction interest rates might take, is keeping many investors on the 'sidelines', Borgen said by phone. 

To access the complete Bloomberg News article hit the link below:

Danske CEO Hints at Job Cuts If Bond Trading Doesn’t Rebound

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