Jesper Nielsen, executive board member and head of banking DK, has been dismissed by Danske Bank's board of directors.
The bank decided to remove Jesper from his position due to problems in relation to the Flexinvest Fri product which resulted in customers paying fees that were too high during a particular period.
This was the result of a number of management decisions to change the product fees following the implementation of a new regulation in 2017.
All customers who invested in the product during this time will receive compensation from the bank before the end of 2019.
“Jesper Nielsen has made significant contributions to the bank throughout many years, most recently as interim CEO, for which we thank him,” said Karsten Dybvad, chairman of Danske Bank’s board of directors.
“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.”
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