Why banks are looking to spy movies for answers

Deutsche Bank has struck a deal worth $7.2 billion with the U.S. government to settle claims of which the item packaged in addition to sold toxic mortgages between 2005 in addition to 2007.

Risky investments cobbled together by many global banks, including Deutsche Bank (DB), played a key role inside meltdown of the U.S. housing market in addition to the global financial crisis of which followed.

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Under the preliminary deal announced late Thursday, Germany’s biggest lender said the item could pay a fine of $3.1 billion in addition to put another $4.1 billion towards consumer relief programs inside U.S.

of which comes at the same time as Swiss bank Credit Suisse (CS) announced a similar settlement over mortgage-backed securities. Under its $5.3 billion deal with the U.S. Department of Justice, the bank will pay a $2.5 billion fine in addition to put $2.8 billion towards financial help for consumers.

different big Wall Street banks, including JPMorgan Chase (JPM), Citigroup (C), Goldman Sachs (GS) in addition to Morgan Stanley (MS), reached similar deals totaling about $45 billion in recent years in relation to their their pre-crisis mortgage activities.

deutsche bank clouds
Deutsche Bank shares crashed to their lowest level in more than 30 years in September.

Deutsche Bank’s settlement is usually significantly lower than the $14 billion originally demanded by the Justice Department three months ago.

The bank says the item’s forecasting a $1.2 billion hit to its fourth-quarter profit coming from the fine.

The U.S. Justice Department wasn’t immediately available for comment.

Its original demand back in September was so huge in addition to unexpected of which the item prompted Deustche Bank shares to crash to their lowest level in over 30 years.

Investors worried such a penalty could hobble the bank, which has already been weakened by stricter banking regulations, hefty legal costs in addition to low interest rates.

Related: Barclays sued by US over billions of dollars in toxic mortgages

Local media even reported of which Germany was considering a state-backed rescue for the bank, though the government quickly said a bailout deal was not inside cards.

Shares inside bank have staged a recovery since their September lows, nevertheless are still down by about 20% in 2016.

Deutsche Bank has already shelled out billions to settle different charges of which the item conspired to manipulate global interest rates in addition to colluded with different banks to rig foreign exchange rates.

Related: World’s oldest bank seeks government bailout

The timing of the Deutsche Bank settlement is usually noteworthy, coming just before President-elect Donald Trump takes over the White House.

Trump has borrowed $360 million coming from Deutsche Bank, according to U.S. Rep. Maxine Waters of California, a Democrat.

Delaying the settlement until after Trump’s inauguration could have created a perceived conflict of interest, especially if the completely new U.S. administration extended friendlier terms to the bank.

— Rob McLean in addition to Rishi Iyengar contributed to of which report.

sy88pgw (London) First published December 22, 2016: 9:51 PM ET


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