Danske Bank Lays Off Global Head of FX Niklas Karlsson

Danske Bank has lost its global head of foreign exchange (Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term), as Niklas Karlsson has left the Danish bank after working for the firm for almost two decades, Finance Magnates has learned.

The move was made public on Karlsson’s LinkedIn account, which states that he has been the former Global Head of FX for the bank since November of 2019. He confirmed to Reuters that he had been laid off as part of a broader firing spree in order to cut costs at the bank.

Niklas Karlsson joined Danske Bank in 2000

Karlsson spent 19 years a Danske Bank. According to his LinkedIn profile, he joined the Danish firm in July of 2000 as the Global Head of FX Spot/Options & Emerging Markets.

During his long tenure with the company, he worked himself up the ranks, taking on positions such as Global Head of FX Spot/Options & Sales and Senior Vice President, among other duties.

Before he was at Danske Bank, Karlsson had already been working in the forex industry for more than a decade. Specifically, he commenced his career in the space back in 1987 when he joined Svenska Handelsbanken Malmoe as a senior FX dealer.

During his extensive career, he has also held the role of chief FX dealer at Svenska Handelsbanken N.Y, where he led the spot forex team, and Head of Financial Trading, Energy products at Sydkraft Energy trading.

The fact that Danske Bank is reportedly trying to cut costs is not overly surprising. This is because the bank has been part of an ongoing money-laundering investigation. In particular, the company’s Estonian branch is being looked into.

As Finance Magnates reported, a Whistleblower Whistleblower A whistleblower is an individual who manages to provide information or activity within a private or public organization that is deemed illegal, unethical, or not correct. In many countries, including the United States, whistleblowers are protected by law and in some cases can even recoup rewards if their information leads to successful prosecution.In the context of the financial services industry, whistleblowers play a large role in oversight, helping unmask several episodes of illicit behavior A whistleblower is an individual who manages to provide information or activity within a private or public organization that is deemed illegal, unethical, or not correct. In many countries, including the United States, whistleblowers are protected by law and in some cases can even recoup rewards if their information leads to successful prosecution.In the context of the financial services industry, whistleblowers play a large role in oversight, helping unmask several episodes of illicit behavior Read this Term, who has since been identified as Howard Wilkinson, the branch’s former Head of Trading, revealed that anti-money laundering procedures were not being properly adhered to. Since then, other big players, such as Deutsche Bank, have been brought into the investigation.