Deutsche Bank to negotiate with DoJ over mortgage probe


Deutsche Bank had begun settlement talks with the US Department of Justice over its probe into the German bank’s origination and securitisation of mortgage-backed securities, as it posted a slump in second-quarter profits.

John Cryan, chief executive, has made clear that he wants to resolve Deutsche Bank’s big outstanding legal cases quick.

Deutsche Bank had already built up a reserve of €5.4 billion to deal with its legal woes, although it said on Wednesday morning that it had not taken provisions for all parts of the RMBS probes. It added a further €120m in litigation provisions in the second quarter.

Deutsche Bank’s core tier one capital ratio has improved slightly from 10.7% at the end of March, to 10.8% at the end of June.

Deutsche Bank’s revenues were 20% lower than a year earlier. Mr Cryan said in a note that this was partly due to “a challenging market environment with historically low interest rates and significant uncertainties”, and partly due to Deutsche Bank’s decision to exit various businesses.

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Deutsche Bank to negotiate with DoJ over mortgage probe

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