The excessive pay among bank executives isn't something that Jakob Beck Thomsen, 31, considers a perfectly legitimate topic to talk about. "I never comment on our competitors," the CEO of Saxo Bank says.
But the young boss, who has been in the banking industry for about ten years, does agree that the fundamental issue bankers must rightfully acknowledge is their role in the financial crisis. "I think that is obvious to everyone."
"The financial industry obviously played a role in the crisis. It's the main reason, I think, that trust has broken down, in some cases justified, in others not, but still — it has broken down. Mistrust will remain at elevated levels for a long time," he adds.
As the Middle East head of an investment bank that opened its doors at the Dubai International Financial Centre (DIFC) barely three years ago, Thomsen oversees the resources deployed and invested in the region.
His primary job is to ensure that the interests of their clients, employees and shareholders are taken care of in every aspect. After all, he says, his company makes a living out of happy and satisfied clients.
Saxo bank is known for its online trading and investment business. Since its opening in DIFC, the company's regional earnings have more than doubled and client assets tripled. Such a performance in a short period can be partly attributed to the leadership of the bank.
Thomsen says some of the challenges that come with the job include managing a team in both the Dubai and Copenhagen offices, and finding ways to optimise their business and client experience in a highly competitive environment.
He normally kicks off his day with an early morning run shortly after getting up at 6am. What follows later is a series of meetings with staff and conference calls with colleagues in their head office.
On average, he goes to two external meetings a day in Dubai and jets off overseas once every two months, mainly to see clients and visit their main headquarters.
And if there's one management style he strictly adheres to, he keeps an open door policy and tries to make himself available to everyone, from the student assistant to the top management.
"Managing a business in an ever-changing economic and regulatory environment is a challenge. As we continue to grow and expand our business, this challenge will only grow bigger," he says.
On the subject of mistrust in the financial industry, Thomsen declines to tackle the mega-bonus culture among CEOs, but he indicates that the main solution is technology. There are three major trends he predicts will define the industry in the next few years.
"One is transparency: what is inside the products? How do they work? What do I pay for? Am I getting the best possible product? Or are there conflicts of interest?"
"The second is self-empowerment. Many clients are thinking after the 2008 crisis that they can do as well as the professionals. They are saying now that I know things can go so wrong I want to be closer to my investments and invest myself."
"Finally, investors will be turning to social communities because they need to enhance their level of understanding and increasingly need access to information in additional to that provided by the banks," he says.
