The German financial giant has reported third quarter results -- and they have disappointed the markets. Deutsche Bank has beefed up provisions for legal costs. And that has seen profits dive drastically.
The German lender has beaten analysts' expectations for third-quarter profit and has settled another case of its financial crisis wrongdoings. But meagre revenues show the bank is far from being out of the woods.
Deutsche Bank has reached a $7.2 billion agreement to resolve a US investigation into its dealings in mortgage-backed securities. The deal removes a major legal hurdle for the bank.
Since the outbreak of the financial crisis in 2007, financial institutions have paid more than Qatar's GDP in fines for their wrongdoings. As investigations and lawsuits continue, that number is expected to grow.
Shares in Germany's biggest lender have come under selling pressure after the bank confirmed that the US Justice Department is seeking $14 billion to settle civil claims over its residential mortgage-backed securities.
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