Deutsche Bank (DB) Stock Slumping on $14 Billion Fine

Deutsche Bank (DB) Stock Slumping on $14 Billion Fine

The settlement proposal, made during negotiations between the U.S. Department of Justice and Deutsche Bank over claims that the German bank missold mortgage-backed securities, was larger than expected.

The Wall Street Journal, citing "people familiar with the matter", reported that the $14 billion fee would settle a series of high-profile mortgage-securities probes during the financial crisis.

She was asked whether German officials had the impression that the settlement demand was some sort of retaliation to the European Commission's ruling that Ireland gave 13 billion euros in illegal tax breaks to US firm Apple. In April a year ago, Deutsche Bank paid US$2.5bn to settle American and British charges that it had manipulated the London Interbank Offered Rate, or Libor, affecting commercial interest rates.

The energy index was a close second, declining 0.94 percent as oil prices fell 2.2 percent on worries of oversupply. The stock hit a 52-week low of 11.07 euro following the Brexit vote.

On news of the filing today, Deutsche was quick to respond that it had no intention to settle these potential claims anywhere near that figure.

But, investors will carefully parse the Fed's comments on the recent sluggish economic data and its impact on when the central bank will eventually pull the trigger.

Trump's doctor declares him in 'excellent physical health'
The letter, released Thursday, is more detailed than one he had released previously that consisted largely of platitudes. Bornstein repeatedly sought the return of the firearms, which he wanted to sell in order to remodel his kitchen.

Last year, U.S. market regulators fined the German lender $55 million, concluding that it had overvalued its holdings of credit derivatives by at least $15 billion during the financial crisis.

Deutsche Bank had 5.5 billion euros set aside for litigation costs, with a further €1.7bn held as unreserved contingent litigation liabilities, but it does not spell out exactly what that sum is for.

Federal Reserve: Investors are looking ahead to the Federal Reserve's two-day policy meeting next week where the US central bank will determine whether or not to raise interest rates this month.

Royal Bank of Scotland dipped 5 per cent - pushed down by fears that it could also receive a whopping fine from the Department of Justice.

Troubled Deutsche has seen profits tumble amid a tough business climate and major restructuring under boss John Cryan - appointed past year - which has seen thousands of jobs go. Deutsche Bank still has to deal with a probe of its equities business in Russian Federation and is struggling to sell its German retail lender Deutsche Postbank AG.

The blue-chip FTSE 100 index closed down 0.3 percent at 6,710.28 points, posting a loss of around 1 percent over the week.

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