deutsche bank fined $14 billion
Shares in Deutsche Bank, Germany’s largest bank, took a dive after news that the institution faces a $14bn (£10.5bn) charge over mis-selling mortgage securities in the US.Here are some of … The Department of Justice didn't immediately respond to a request for comment outside of office hours. It is easy to see why. Initial talks were of $14 billion, equivalent to financial ruin for Deutsche Bank. The bank confirmed in a statement that $14 billion was the "opening position by the DoJ" and said it had been invited by the DoJ to submit a counter-proposal. Authorities in the US are seeking as much as $14 billion from Deutsche Bank to resolve allegations stemming from the sale of mortgage securities in the 2008 crisis, the German financial giant confirmed Thursday. U.S. Seeks $14 Billion From Deutsche Bank Over Mortgage Mis-Selling Allegations By Reuters On 9/16/16 at 3:44 AM EDT The Deutsche Bank headquarters are seen … The $14 billion punch could sure be crippling for Deutsche Bank shareholders, who've already seen almost half of the struggling bank's market cap vanish so far in 2016. Deutsche Bank has just turned down a request by the U.S. government to fine it $14 billion for its role in the financial debacle that nearly destroyed the American financial system. Deutsche Bank is fined $150 million over compliance lapses including lax oversight of ... amounting to $618 billion. The financial crisis is still haunting Deutsche Bank. A Warner Media Company. Why Deutsche Bank Likely Won't Pay $14 Billion Fine . HOME MAIL "Deutsche Bank has no intent to settle these potential civil claims anywhere near the number cited," it said in a statement. “Not only are clouds over their profitability still above them, but the fine announcement will come as very unwanted news indeed,” said Kinmonth. 0. Deutsche Bank Says “No” to $14 Billion DOJ Fine: It Must Have Learned Its Negotiating Skills at the Trump Institute By Pam Martens and Russ Martens: September 16, 2016 The old adage that when one is already in a hole, one should stop digging, has apparently not found its way to the corner offices of Deutsche Bank. But now the bank faces a $14 billion fine.. Deutsche Bank was embroiled in a vast money-laundering operation, dubbed the Global Laundromat. Just a few weeks after the EU slapped Apple with a $14 billion bill for “back taxes,” the U.S. has apparently responded with a $14 billion fine of their own to Deutsche Bank to settle an outstanding probe into the company’s trading of mortgage-backed securities during the financial crisis. © 2020 Cable News Network. The prospect of a $14bn penalty from the US Department of Justice has rattled investor confidence in Deutsche. The New York Department of Financial Services (DFS) fined the bank $425m over the same case, in which roubles were converted into dollars … Deutsche Bank gladly told shareholders in July that it planned to close its biggest pending legal cases this year, including one for its sales of residential mortgage-backed securities in the US before the financial crisis. Only on Monday, finance director Ewen Stevenson told investors that its $5.6bn provision for various claims relating to these mortgage bonds might not be enough. In 2013, the bank was given a first penalty; it had to pay $1.9 billion to then-nationalized US construction financiers Freddie Mac and Fannie Mae. FRANKFURT - Deutsche Bank said it would fight a $14 billion (R200 billion) demand from the US Department of Justice to settle claims it missold mortgage-backed … Business. Deutsche Bank is unlikely to pay its rumored $14 billion fine to the DOJ over crisis-related mortgage abuses now that one of its biggest borrowers will be … The Frankfurt-based lender may be fined up to $14 billion over its mortgage-backed securities business before the 2008 global crisis, the magazine reported. Deutsche Bank asked to pay $14 billion to resolve US mortgage securities probe Published Fri, Sep 16 2016 10:58 AM EDT Updated Fri, Sep 16 2016 10:58 AM EDT Christine Wang @christiiineeee Deutsche Bank has cemented a $7.2 billion settlement with the Department of Justice for selling toxic mortgage-backed securities in the years before the market meltdown of 2008. The article said Merkel made her views clear in talks with Deutsche CEO John Cryan. Other Wall Street firms that have struck similar deals include JPMorgan Chase (JPM) and Citigroup (C). Deutsche Bank has been quick to describe the fine as an “opening position” from Washington. The total cost of the transition is expected to hit €7.4 billion ($8.3 billion) by 2022. Send Page to a Friend. (Photographer: Krisztian Bocsi/Bloomberg) Deutsche Bank Is First Bank Busted for Breaking Volcker Rule. Mortgage Backed Securities – Deutsche Bank Fined in US. Russian criminals with links to the Kremlin, the … Deutsche Bank has set aside about $6.2 billion to deal with the various legal challenges it's facing. For 2015, the bank reported its first annual loss since 2008 and could be heading for another loss this year regardless of the threatened justice department fine. All rights reserved. Deutsche Bank has been quick to describe the fine as an “opening position” from Washington.