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COMING UP:Share Opener Variant 2

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Transcript

00:00:01
>> The bigger they are, the harder they fall. That certainly seems to be true at Deutsche Bank. The giant German lender has agreed to pay $7.2 billion to US regulators over it's sale of toxic mortgage bank securities, something the Department of Justice called a direct contribution to the global financial crisis.
00:00:20
It's the largest single settlement of it's kind, but perhaps not as bad as it could have been had it come after Donald Trump becomes President.>> This is really driven by politics and the political time table rather necessarily the right time for the DOJ to report their findings.
00:00:36
And I think it is an important that it's got out ahead of the change of the administration.>> Chief Executive John Cryan issued a statement apologizing unreservedly for the bank's conduct, but he also warned, given other lawsuits, it's too early to draw a line under it, not least on the balance sheet.
00:00:53
NOISE] T
e bank is estimating a $1.2 billion hit to fourth quarter pre-tax profits. In terms of image at least, the clean up seems to have begun. The bank reportedly set to cut bonuses for senior staff by as much as 90%.