Saxo Bank renews focus on e-FX technology after poor 2012 results

Torben Kaaber at Saxo Bank

Last September saw Saxo Bank celebrating its innovative and somewhat glamorous 20-year history by flying its staff across the globe to a party at the pyramids in Egypt. Figures at the beginning of this year paint an altogether different picture. Net profits fell by 86% in 2012, and Saxo was forced to cut 266 jobs across its business.

While some of this can be explained by low market volatility and a generally negative macroeconomic outlook, Saxo says it is also because the bank has gradually

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