TOXIC MORTGAGE SECURITIES
Deutsche CEO looks to future after settlement
With the US mortgages case out of the way, three main litigation cases remain
Frankfurt — Deutsche Bank would be free to focus on a new growth strategy instead of devoting most of its energy to cleaning up past mistakes, CEO John Cryan said after settling its most costly legal headache. "Given other lawsuits, it is still too early to talk of having drawn a line under all matters," Cryan said in a message to the company’s 100,000 employees on Wednesday. "We are, however, nearing our objective of being able to concentrate primarily on the future instead of repeatedly having to look over our shoulders at past events." Germany’s biggest bank on Tuesday finalised a $7.2bn settlement with the US department of justice over its sale of toxic mortgage securities in the run-up to the 2008 financial crisis. Combined with an earlier $1.9bn settlement with government-controlled Fannie Mae and Freddie Mac — the US’s biggest providers of housing finance — the total bill for the mortgages issue is positioned at $9.1bn. Deutsche agreed with the department to a statement of fa...
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