Bank chief quits over pay scandal

THE boss of one of Europe’s biggest lenders has quit over a money laundering scandal.

Thomas Borgen resigned as chief executive of Danske Bank over £178bn of payments flowing through its Estonian branch from other countries such as Russia.

Borgen, 54, was in charge of the division from 2009 to 2012, and is accused of ignoring signs of suspicious activity. Danske will donate £180m – its income from Estonia in the past nine years – to a foundation to tackle financial crime.