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Deutsche Bank to Make a Settlement of US$5.4 Billion with Department of Justice

Deutsche Bank AG jumped the most in almost six months after a media report that the lender is nearing a US$5.4 billion settlement with the U.S. Department of Justice (DOJ) in a probe tied to residential mortgage-backed securities, less than half the amount initially requested.

Deutsche Bank's stock and debt have been under pressure after the DOJ earlier this month requested US$14 billion to settle an investigation into residential mortgage-backed securities. In a memo to staff earlier on Friday, Chief Executive Officer John Cryan said he is taking DOJ settlements with other banks as a benchmark, echoing previous remarks that he expects U.S. authorities to scale back their request. Deutsche Bank has long struggled to adapt to an era of tougher capital requirements and diminished trading revenue. Cryan has already said that the lender may fail to be profitable this year, calling it a peak restructuring year, as he eliminates thousands of jobs and cuts risky assets.

News Characteristics

Date : Sep 30, 2016
Region : North America
Industry : Banks
Function : Risk Management
Sub-Function : Fraud Management