'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.
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