BYE-BYE, BORGEN: Shares in Danske Bank had doubled in value from when Thomas Borgen took over as CEO in 2013 to July 2017, but have since lost more than a third and he has resigned in the midst of a scandal. Picture: BLOOMBERG/FREYA INGRID MORALES
BYE-BYE, BORGEN: Shares in Danske Bank had doubled in value from when Thomas Borgen took over as CEO in 2013 to July 2017, but have since lost more than a third and he has resigned in the midst of a scandal. Picture: BLOOMBERG/FREYA INGRID MORALES

Danske CEO quits

Danske Bank CEO Thomas Borgen has resigned after an investigation revealed that payments totalling €200bn, many of which the bank said were suspicious, had gone through its small Estonian branch. The Danish bank released details of compliance and control failings amid growing demands for an EU crackdown on financial crime after a series of money-laundering scandals attracted the attention of US authorities.

Nestlé to shed skin health

Nestlé has put its skin health unit up for sale, as the maker of Nescafé ditches underperforming businesses and seeks to fend off criticism from an activist investor demanding an overhaul. The Switzerland-based company is under pressure from Third Point, a hedge fund run by investor Daniel Loeb, who has demanded bolder moves to lift performance. Nestlé said it was exploring strategic options for the unit, saying "the future growth opportunities of Nestlé Skin Health lie increasingly outside the group’s strategic scope".

Reuters