Deutsche Bank and Credit Suisse will pay €6,8bn ($7.2)bn and €5,1 ($5.3bn) respectively for their role in the 2008 subprime mortgage scandal.
Deutsche has achieved almost a 40% reduction from the original €12bn fine. The German lender will now pay just under €3bn as a fine and €4bn for consumer relief.
The German bank had allocated little over €5,5bn for litigation costs, and the news is likely to hurt both profit projections and overall valuation.
Similarly, Credit Suisse will pay €2,2...
This story is part of New Europe's Premium content.
|To Read the Full Story, Subscribe or Sign In from the ↑ Top of the Page ↑|