Deutsche Bank has released its worst set of quarterly results since 2008. Management blamed restructuring measures for the losses of 2.2 billion euros, although litigation costs were also a drain on annual profits.
Germany's biggest private lender has sold its British insurance business to raise urgently needed cash to pay looming penalties for its past misdeeds and to fight speculation of requiring state aid to stay afloat.
Shares in Germany's biggest bank have taken a hit following weekend reports that the troubled lender had been refused state aid. Deutsche Bank, however, insists it doesn't need any help from the German government.
Deutsche Bank has rejected a US Justice Department claim of $14 billon (12.5 billion euros) linked to pre-2008 mortgage bonds, saying a settlement will be "lower." Goldman Sachs agreed April to pay some $5 billion.
Shares of Deutsche Bank and Credit Suisse have been dropped from the prestigious Stoxx Europe 50 share index. Is European banking in decline? And if so, what are the factors that led to its current parlous state?
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