Deutsche Bank Might Only Have To Pay The DOJ 5.4 Billion Dollars

This is cause for celebration.
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By Nordenfan (Own work) [CC BY-SA 4.0], via Wikimedia Commons

via Wikimedia Commons

Considering the Justice Department's opening figure was a comically large $14 billion, which everyone knows Deutsche would never ever be able to swing, this should be considered both a bargain and the first bit of good news the Germans have received in quitesometime.

Deutsche Bank AG jumped the most in almost six months after a media report that the lender is nearing a $5.4 billion settlement with the U.S. Department of Justice, less than half the amount initially requested...Deutsche Bank’s stock and debt have been under pressure after the DOJ earlier this month requested $14 billion to settle an investigation into residential mortgage-backed securities. In a memo to staff earlier on Friday, Chief Executive Officer John Cryan said he is taking DOJ settlements with other banks “as a benchmark,” echoing previous remarks that he expects U.S. authorities to scale back their initial request.

Deutsche Bank Jumps on Report of $5.4 Billion DOJ Settlement [Bloomberg]

Related: Deutsche Bank Summons Last Shred Of Dignity To Tell DOJ There’s No Way In Hölle It’s Paying $14 Billion

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