Wednesday 7 December 2016

US hits Deutsche Bank for $14bn

Published 17/09/2016 | 02:30

Deutsche Bank shares and bonds have fallen
Deutsche Bank shares and bonds have fallen

Deutsche Bank shares and its riskiest bonds fell the most since the Brexit vote after the lender said the US Justice Department is seeking $14bn (€12.5bn) to settle a probe tied to mortgage-backed securities. The bank said it won't settle at that price.

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"Deutsche Bank has no intent to settle these potential civil claims anywhere near the number cited," the company said in a statement. "The negotiations are only just beginning. The bank expects that they will lead to an outcome similar to those of peer banks which have settled at materially lower amounts." Chief executive John Cryan has struggled to boost profitability amid concerns Deutsche Bank will be forced to raise capital. (Bloomberg)

Irish Independent

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