After more than two decades of service, Steen Jakobsen, the man behind Saxo Bank's financial research team, Saxo Strats, is stepping down from his role as Chief Economist and Chief Investment Officer.

Saxo Bank's Chief Economist and CIO Steps Down after Two Decades

Under Jakobsen's leadership, Saxo Strats has become a trusted source of market analysis and thought leadership, providing clients and the broader financial community with actionable insights into complex market dynamics.

Over the years, Jakobsen has held various roles at Saxo Bank. For instance, in 2016, he was appointed the Co-Head of Global Sales Trading, while continuously serving as the Chief Economist.

"Steen has been fundamental in making Saxo Bank a trusted source for investors and traders," Kim Fournais, the CEO & Founder of Saxo, praised Jakobsen's role in making Saxo Bank a respected name in the industry. "He is the architect behind the popular 'Outrageous Predictions,' which is second to none when it comes to stimulating critical thinking and challenging consensus."

Peter Garnry, the Head of Equity Strategy, was appointed as Head of Saxo Strats in the previous year, ensuring continuity in leadership.

Jakobsen also expressed his gratitude for the opportunity to work with Saxo Bank over the years, particularly his colleagues in Saxo Strats.

"Our goal has always been to challenge conventional thinking and provide a deeper understanding of the markets," he said. "I am proud of what we have achieved together and confident that Saxo and the Strats team will continue to do their part to help investors make sense of a complex world and markets that can be difficult to make sense of."

Results, Volumes, and Ratings

Saxo Bank has been bustling with activity recently. Just a month ago, the company reported its results for 2023, including a decline of 8.1% in net profit despite a surge in revenue. The brokerage concluded the year with an operating income of DKK 4.48 billion and 1.15 million traders.

The Danish financial institution recorded a net profit of DKK 260 million in 2023, a notable fall from the DKK 711 million reported in the previous year. Furthermore, the adjusted net profit for the latest period stood at DKK 653 million, signifying an 8.1 percent year-on-year reduction.

This week, Saxo Bank announced that it had been awarded an "A-" long-term issuer credit rating by S&P Global Ratings, an upgrade from its previous "BBB" rating. The company emphasized that the stable outlook accompanying the rating demonstrates its "solid operating profitability, robust capitalization, and effective risk management practices."

The latest information also pertains to the FX volumes for March, which were the lowest in at least eight years. The demand for forex instruments on Saxo Bank's platform experienced a significant decline, with the monthly volume for March amounting to $85.1 billion. This figure represents the lowest volume since 2016, when the Danish company began publishing its volume metrics.

In the meantime, Saxo Bank's Middle East and North Africa division has bolstered its top management by appointing Tara Tyan as the Chief Operating Officer. This appointment came as an internal promotion, as Tyan has been with the brokerage for approximately six years.