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Economy

xchrom

(108,903 posts)

12. LAWSUIT EXPENSES HIT DEUTSCHE BANK PROFIT

Reply to Tansy_Gold (Original post)

Tue Oct 29, 2013, 08:28 AM

Oct 2013

http://hosted.ap.org/dynamic/stories/E/EU_GERMANY_EARNS_DEUTSCHE_BANK?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2013-10-29-06-13-15

FRANKFURT, Germany (AP) -- Deutsche Bank said Tuesday net profit dwindled to a bare 51 million euros ($70 million) in the third quarter after it set aside 1.2 billion euros for losses from lawsuits.

The net profit compared with 754 million euros in the same quarter a year ago. Profit for the third quarter fell far short of the average analyst estimate of 320 million euros as compiled by financial data provider FactSet.

The bank also said its investment banking business slowed, leading net revenues to fall 10 percent to 7.7 billion euros.

It said the deduction to earnings for litigation costs were mostly related to legal action over U.S. residential mortgage-backed securities, investments that were based on mortgage loans to borrowers with shaky credit. The securities helped drive financial turbulence in 2007-2009 as they lost value.

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STOCK MARKET WATCH -- Tuesday, 29 October 2013 [View all] Tansy_Gold Oct 2013 OP

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Nb. although this is a European source, I calculate that the "billions" Ghost Dog Oct 2013 #29

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LAWSUIT EXPENSES HIT DEUTSCHE BANK PROFIT xchrom Oct 2013 #12

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LLOYDS BANKING GROUP'S Q3 NET LOSS WIDENS xchrom Oct 2013 #14

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And I'm sure he "stepped down" Tansy_Gold Oct 2013 #17

don't they always? xchrom Oct 2013 #18

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The New York Times Shreds The Obama Administration As 'Pathetic' On NSA Spying xchrom Oct 2013 #20

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Huh. Ghost Dog Oct 2013 #27

Drowsiness!?! Oy I'm in trouble. Nt xchrom Oct 2013 #28

Yeah, that's what I thought, too... Ghost Dog Oct 2013 #30

wow -- now those are some jobs... xchrom Oct 2013 #31

Thanks, x. Ghost Dog Oct 2013 #32