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Deutsche Bank shares drop ahead of DoJ new settlement

Monday, October 3, 2016 8:09
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Deutsche Bank’s (NYSE:DB) US-listed ADRs fell on Monday as markets braced themselves for a decision from the US Department of Justice on how much (or little) the German lender will have to pay as a fine for 2008 mortgage-securities mis-selling.

Deutsche Bank shares were down 4% at $12.60 on Monday, after gaining on Friday on reports from French news agency AFP that the German bank is talking to the DoJ about a commuted fine. Monday’s drop takes the stock’s year to date losses to just over 47%. The Frankfurt bourse is closed on Monday for a holiday.

Last month, the DoJ ordered Deutsche to pay a $14bn fine – more than double the bank’s litigation fund. Read more.

Newswires are indicating a decision could come “this week”. With Germany on holiday on Monday it is likely that a decision won’t be made public until at least Tuesday Morning, to allow Deutsche Bank to respond to it via the Frankfurt Stock Exchange.

Markets are sensing a deal could be reached and the wait is causing attrition to the stock. But it is equally possible that if a deal is deemed reasonable and practical investors may hope to bring the share price lower before snapping up the stock again at a bargain.

Story by ProactiveInvestors


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