Saxo Bank Bids Farewell to Economic Visionary

Steen Jakobsen, the force behind Saxo Bank’s research arm, Saxo Strats, is retiring from his positions as Chief Economist and Chief Investment Officer after over 20 years. Under his direction, Saxo Strats rose to prominence, offering vital market insights and analysis that benefited both clients and the financial community at large. 

Jakobsen has played various roles at Saxo Bank; for example, in 2016, he took on the responsibility of Co-Head of Global Sales Trading while also fulfilling his duties as Chief Economist. Kim Fournais, the CEO & Founder of Saxo, acknowledged Jakobsen’s significant contribution to establishing Saxo Bank as a credible industry name, crediting him as the brain behind the ‘Outrageous Predictions’, which effectively promotes critical thinking and consensus critique.

Peter Garnry, already serving as Head of Equity Strategy, secured his position as Head of Saxo Strats last year, promising a smooth transition in leadership. Jakobsen reflected on his tenure with appreciation, citing the opportunity to work alongside Saxo Bank and, particularly, the Saxo Strats team. He highlighted their collective aim to disrupt standard market perceptions and to deepen market understanding. 

Performance and Strategic Outcomes

Recently, Saxo Bank has been at the centre of significant activity. A recent revelation disclosed an 8.1% fall in net profit for 2023 despite an uptick in revenue, ending the year with an operating income of DKK 4.48 billion and a trader count of 1.15 million. The bank’s net profit for 2023 sank to DKK 260 million from DKK 711 million the year prior, with an adjusted net profit showing an 8.1% decline year on year.

Furthermore, S&P Global Ratings boosted Saxo Bank’s long-term issuer credit rating to “A-” from “BBB”, highlighting its sound operational profitability, strong capitalization, and effective risk management. In contrast, forex trading on Saxo Bank’s platform hit a multi-year low in March, recording just $85.1 billion in transactions, the smallest volume seen since 2016. 

Meanwhile, facilitating strategic growth in the Middle East and North Africa, Saxo Bank elevated Tara Tyan to Chief Operating Officer from within, acknowledging her six years of service to the firm.