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Alexander Opstad has made a lightning race at DNB, and in September last year he was formally appointed permanent chief of DNB Markets. There he immediately appeared with a brilliant debut and a strong fourth quarter later where the brokerage earned over 1 billion kroner before tax.
Now Opstad and DNB Markets are far from a billion. During the first three months of the year, the brokerage house lost NOK 335 million before taxes.
The last time results were so weak was in the first quarter of 2008 when the brokerage house lost NOK 673 million before tax.
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Revenue fell from NOK 1.85 billion to NOK 419 million. The last time DNB Markets’ revenue was less than NOK 1 billion was in the third quarter of 2015.
“In some areas, such as IPOs and other capital advisory services, revenues have decreased as a result of less activity than in the previous quarter,” DNB writes in a statement on Thursday.
After leading DNB’s equity trading in London, Opstad became a stock manager at the head office in Oslo in 2013. Last summer he was promoted to the management role after Ottar Ertzeid, who since September 1, is DNB’s new CFO.
Ertzeid, who changed roles after 18 years as head of Markets, was very pleased with Opstad’s choice as replacement.(Terms)Copyright Dagens Næringsliv AS and / or our suppliers. We want you to share our cases using a link, which links directly to our pages. Copying or any other use of all or part of the content may only be made with written permission or as permitted by law. For more terms see here.
