Things Getting Very Bad Indeed For Very Bad Danish Bank

“Requests for information from the U.S. Department of Justice in connection with a criminal investigation” bad.
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Really only one reason to have a branch in Tallinn. By Pjotr Mahhonin [CC BY-SA 4.0 ], from Wikimedia Commons

Really only one reason to have a branch in Tallinn. By Pjotr Mahhonin [CC BY-SA 4.0 ], from Wikimedia Commons

Jeff Sessions & co. would like to check Danske Bank’s work on that much-belated report on all that Russian money laundering it was doing in Estonia.

The bank, which this week appointed Jesper Nielsen as interim CEO to handle the crisis in the short term after Thomas Borgen resigned last month, said on Thursday it was cooperating with the U.S. authorities….

Investors have fretted for months over the possibility of U.S. authorities investigating whether Danske Bank broke U.S. rules and at least one shareholder litigation company says it is looking closely to see whether it can bring a damages claim.

On the bright side, so long as things are only, like, $6 billion bad, NBD.

“We think a fine of $6 billion, unlikely in our view given no sanctions/terror violations have been uncovered as yet after investigating high-risk customers, is already reflected in the price,” Jefferies analyst Kapilan Pillai said in a note.

U.S. Inquiry deepens Danske money-laundering crisis [Reuters]

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