Deutsche Bank to pay $7.2 billion to settle mortgage probe
The German bank said it would take a roughly $1.17 billion pretax charge this quarter as a result of the $3.1 billion penalty.
The additional consumer relief has less immediate and less solid consequences, because it is to be paid out over at least five years, the bank said in a statement late Thursday night.
The impact of the $4.1 billion consumer relief could fluctuate over time. The bank said that portion of the settlement isn’t expected to have a material impact on its 2016 financial results.
The settlement was agreed “in principle” with the Justice Department, Deutsche Bank said. ■