Danske Bank CEO quits on money laundering scandal

Danske Bank’s chief executive Thomas Borgen resigned on Wednesday after a investigation revealed payments totalling 200 billion euros (178 billion pounds) through its Estonian branch, many of which the bank said were suspicious.

The Danish bank detailed compliance and control failings amid growing calls for a new European Union watchdog to crack down on financial crime after a series of money laundering scandals which have attracted the attention of U.S. authorities.

“Even though I was personally cleared from a legal point of view, I hold the ultimate responsibility. There is no doubt that we as an organisation have failed in this situation and did not live up to expectations,” Borgen, who will stay on until a new CEO is appointed, told a press conference.