Nykredit Bank A/S
Nykredit Markets refocuses its operations
Nykredit Bank A/S 22.01.2015 08:10 Dissemination of a Adhoc News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- Nykredit Markets is refocusing its operations to match the difficult business conditions in fixed income markets. The combination of continuous low interest rates and surging regulation has for a while now depressed earnings in the fixed income area. Nykredit Markets has therefore decided to realign its cost levels to the new lower earnings potential in this area. As a consequence, 20 jobs will be made redundant in the Copenhagen fixed income operation. In addition, Nykredit Markets expects to close its Stockholm branch. This will affect 7 full-time staff members. A dialogue with the staff's union representatives in Sweden will therefore be initiated. - It is clear that profitability in the fixed income area is not satisfactory. We have therefore decided to readjust cost levels and prepare for the new market conditions. Regrettably, this also means that we have to let some of our staff go, says Georg Andersen, Managing Director, and Head of Nykredit Markets. Whereas earnings in the fixed income area have gone down, demand in other areas has gone up. As a result, we are enhancing focus on our activities within equities, corporate bonds, derivatives and foreign exchange. - These areas are in demand among Nykredit's commercial and retail customers and represent growth areas where we will strengthen our efforts further in coming years. This change also supports the Wholesale division's implementation of the Group's strategy 'Winning the Double', which is centred around commercial and retail customers, says Georg Andersen. Institutional clients are and will continue to be a core business area of Nykredit Markets. This will not change. - Client satisfaction is high among institutional investors, and servicing these clients is still a top priority. This area is decisive to our distribution power and enables us to sell our bonds at prices that benefit many personal and commercial customers through low interest rates, says Georg Andersen. Contacts: Questions may be addressed to Georg Andersen, Managing Director, through Jens Theil, Head of Press Relations, tel +45 30 13 35 33. News Source: NASDAQ OMX 22.01.2015 The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: English Company: Nykredit Bank A/S Denmark Phone: Fax: E-mail: Internet: ISIN: DK0003448181 WKN: End of Announcement DGAP News-Service ---------------------------------------------------------------------------
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