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>> 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.
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.
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.
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%.