The Punt: Borgen moves fast at Danske
THE MAN behind Danske Bank's decision to pull out of Ireland was Thomas Borgen, who clearly believes in taking action quickly. Mr Borgen, barely seven weeks into the job, has well and truly proved that he is not afraid to shake things up.
He was catapulted into the job in September after predecessor Eivind Kolding was let go. Danske's board of directors cuttingly said they needed someone at the helm with "stronger qualifications within banking" to deliver on a plan to become more customer-focused.
We have to laugh – their abandonment of their Irish customers doesn't exactly fall in line with that strategy.
Still, there's no doubt Mr Borgen has all the necessary credentials. He has been at Danske for 16 years, including a stint as head of corporates and institutions.
In fairness, Danske's board was under huge pressure to produce results when it appointed Mr Borgen. Its forays in the Irish market might be a big deal to us, but they are just the tip of the iceberg for Danske. Its international ambitions put the entire Danish economy at risk, according to a report last month by a government-appointed committee.