Deutsche Bank LIVE: German bank’s CEO warns European ‘outlook is worsening’
DEUTSCHE Bank has released its third quarter results and after a massive sell-off has turned a two percent profit but it is creating a litigation war chest as investor fury mounts.
By SIOBHAN MCFADYEN
Express.co.uk
Thu, Oct 27, 2016
Follow LIVE updates below as Deutsche Bank reports Q3 net profits $303 million.
8.10am BST update: Germany’s largest lender has set aside €1billion euros in a litigation battle fund this morning as it gets set to face legal action around the world after the International Monetary Fund slammed it this summer. The German-lender says attention around negotiations concerning the DOJ settlement had an ‘unsettling effect.’
Analysts say that Deutsche Bank’s British CEO John Cryan has “inherited a dogs’ breakfast of a bank” as it appears the bank is making a slush fund to counter lawsuits from angry investors.
The bank is facing 7,000 class action suits from investors says Michael Hewson of CMC Markets who told the BBC that the CEO had “inherited a dogs’ breakfast of a bank”.
The Rest…HERE
