According to Bloomberg News, Jyske Bank's two equity analysts, Frans Høyer and Frank Hørning Andersen, are no longer employed by the bank.
Erik Gadeberg, Head of Jyske Bank Capital Markets, says the change is the consequence of the new MiFID directive that has changed the way banks charge the cost of equity analyses.
"We're making a few adjustments as a consequence of the new changes as well as a new demand from our customers," Gadeberg tells Bloomberg News.
"The changes mean a shift from in-depth analyses on specific equities to more focus on quantitative analyses. However, we won't remove in-depth analyses entirely. We will continue to cover a series of Danish equity," he says.
Previously, banks charged a fee for their equity analyses through the customers' equity purchases, but according to the new directive, there must be separate payments for analyses and equity purchases.
Gadeberg emphasizes that both analysts have done a great job, and that the dismissal is solely a consequence of the new directive and changed demand from the customers.
Høyer has been with Jyske Bank since 2011 and has covered Maersk, DSV and Pandora, while Hørning Andersen has been with the bank since 2004 and has covered the biotech and healthcare industry, including Novo Nordisk, Genmab and Lundbeck.
/Ritzau/FINANS
English Edit: Lisa Castey Hall Nielsen
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