Deutsche Bank Chooses To Fight And Not Settle With The US Government – Shorts Suggested
Deutsche Bank looks set to fight against the U.S. Justice Department’s demand that Germany’s largest lender has to pay $14 billion to settle a probe tied to its sale of residential mortgage-backed securities in the run-up to the sub-prime financial crisis.
In a statement early Friday in Frankfurt, the bank said that it was not willing to pay the claim and had no intention to settle anywhere near the number cited. As the German lender is only looking for a figure of up to 3 billion euros ($3.4 billion), the claim by the DOJ is expected to trigger a negotiation that could last for months.
This development has added to the stormy issues being created for Deutsche Bank’s CEO John Cryan to resolve. It comes against the backdrop of Deutsche Bank struggling to boost profitability by selling risky assets and eliminating jobs as revenues have fallen sharply in a competitive market and a low interest rates environment.
Sell Stop at 12.00, Take profit at 11.70, Stop loss at 12.30