Deutsche Bank May Have Underestimated How Litigious People Are About The Whole Mortgage Catastrophe ThingBy Jon Shazar
Remember Deutsche Bank’s rather poor earnings report a couple of months ago? Well, it turns out that things have gotten worse, because people and regulators continue to sue Frankfurt’s most downtrodden bank.
Deutsche Bank cut its previously reported 2012 pretax profit by 600 million euros ($773 million) on Wednesday, hit by new charges related to mortgage-related lawsuits and other regulatory investigations.
Europe’s biggest bank by assets declined to lay out in detail why it had increased litigation provisions to 2.4 billion euros, forcing it to correct a January 31 earnings report which already showed the worst quarterly loss in four years.