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.
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.
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.
A trial in London to last several months is looking into benchmark-rigging offences committed between 2005 and 2009. Among the defendants are traders from Germany's largest lender, Deutsche Bank, and Barclays.
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.
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