Financial Times: Deutsche Bank asked to pay $14bn in US probe
Shares fall sharply as lender says it intends to settle DoJ claims for much less.
Deutsche Bank shares fell sharply on Thursday as Germany’s biggest bank scrambled to downplay the chances of paying $14bn to settle allegations of mis-selling mortgage securities after receiving an unexpectedly large claim from the US Department of Justice.
New York-listed shares in Deutsche fell as much as 7.4 per cent after hours to $13.67. Investors fretted about the crippling impact of such a fine on a bank with a market capitalisation of only €18bn but a balance sheet of €1.6tn that rivals most in the sector.
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Update: Deutsche Bank: No plan to pay $14B Justice Dept. settlement (US News and World Report).
WNU Editor: The EU demands Apple pay $14 billion .... and now the U.S. is demanding Deutsceh Bank to pay $14 billion .... is this all a coincidence?