|Lawsuit costs rip into Deutsche Bank bottom line
Deutsche Bank, Germany's biggest bank, said the bottom line was hit by “substantial litigation charges,’’ and falling profits in investment banking.
Net profit tumbled 94 percent to 41 million euros from July to September, the bank said. Group net revenues were down 10 percent at 7.74 billion euros.
“In the third quarter we met several challenges,'' said co-chief executives Juergen Fitschen and Anshu Jain.
“We took substantial litigation charges and saw reduced profits in investment banking, leading to a lower quarterly result,'' they said.
DeutscheBank is being investigated over allegations that some of its employees may have been involved in rigging the Libor and Euribor interest rates.
And a number of top managers are also suspected of involvement in a tax evasion scheme in the trading of carbon emissions certificates.
The group put the litigation charges in the third quarter at 1.2 billion euros. –AFP