Science

Deutsche Bank Finalizes $7.2B MBS Settlement

Deutsche Bank Finalizes $7.2B MBS Settlement

Most junior Deutsche Bank employees have already been shifted into fixed salaries, so the decision to scrap bonuses won't affect them, a person familiar with the matter has said.

After the close of settlement, Deutsche Bank is said to be the last major banks to deal with such a costly settlement with USA investigators regarding the pre-crisis mortgage securities.

Deutsche Bank AG told some employees on Wednesday that job cuts will continue even after Germany's largest lender slashed bonuses for senior staff, according to a person with knowledge of the discussions. The conduct cited by the Department of Justice, which occurred from 2005 to 2007, "falls short of our standards and is unacceptable".

Deutsche Bank will settle with United States regulators for $7.2 billion over financial crisis-era residential mortgage-backed securities.

'It can only be speculation' - Conte cools Costa to China claims
Chelsea's Diego Costa rejected a new £200,000-a-week contract at the Blues before his training ground bust-up with Antonio Conte. Thibaut Courtois insists the mood in the Chelsea camp has not been negatively effected by uncertainty over Diego Costa's future.

The bank announced it had reached an agreement with the DOJ in December, Reuters said.

She stressed the bank had not merely misled investors but had contributed directly to an global financial crisis. Under the deal, Deutsche Bank agreed to pay $3.1 billion in civil monetary penalties and $4.1 billion in relief to underwater homeowners, distressed borrowers and affected communities.

Deutsche DB, +1.01% was hit hard last month when it settled a mortgage bond probe with the Justice Department for $7.2 billion - which was only about half of what the government initially wanted.

This wouldn't be the first time that John Cryan, Deutsche's CEO, has cut bonuses since taking over in 2014. The firm has been negotiating with regulators for quite some time over the penalties stemming from misleading investors during the sale of residential mortgage-backed securities.


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