Danske Bank poaches Commerzbank finance chief in post-scandal shake-up

), Danske is part of a powerful axis in Danish business life and has traditionally been led by either Danish or Scandinavian executives.

For Commerzbank, the unexpected departure of Engels, its long-time chief financial officer, comes as the German bank is in the middle of a review of its strategy following this year’s failed merger talks with Deutsche Bank . Danske Chief Executive Chris Vogelzang, who joined Denmark’s largest bank on June 1, sacked former interim CEO Jesper Nielsen that month after thousands of Danish customers were overcharged for an investment product, in his first attempt to draw a line and regain trust from both customers and investors.

Danske also said on Thursday that Berit Behring, who oversees the bank’s Swedish operations, will take over as new head of wealth management from Jacob Aarup-Andersen, who the country’s financial regulator blocked from taking the CEO role on the grounds of having insufficient experience.

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