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More Changes at Saxo

Saxo Bank confirmed last week that Albert Maasland has been appointed head of it’s UK office with additional responsibility for the US and Middle East. The move is part of a major restructure at the online investment bank to improve operating efficiency.

In his new post, Maasland, who was previously head of Europe, now reports to the new group chief commercial officer Torben Kaaber who, under the restructure, heads six regions: Eastern Europe, US, Latin, German, Nordic and Southern Europe.

While Kaaber has a strategic overview of the regions, one of the reasons behind the recent reorganisation is to give more autonomy to the regions and to have more senior people in control of them operationally, a spokesperson tells Squawkbox.

Last week the bank said it was making 320-340 redundancies in Copenhagen and 50 outside Denmark, mainly in London, as part of a restructure to “improve operating efficiency”. The cut back means over a quarter of Saxo staff will lose their jobs.

The redundancies affect those mainly in support roles while front-end employees and core IT development staff remain largely unaffected, the bank said. Saxo has begun negotiations with the Danish financial union over the terms of departure of the employees.

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