Deutsche Bank has reached a $7,2 billion deal with the US Department of Justice to resolve its subprime mortgage dispute. The institute announces it in a note.
This is therefore half of the figure of 14 billion dollars initially feared for the German banking giant.
Under the terms of the agreement, Deutsche Bank will pay a fine of 3,1 billion dollars and give 4,1 billion in support of US consumers. The latter measure, it says, is intended primarily in the form of loan modifications or other assistance for homeowners and borrowers, or similar initiatives to be determined, and will be provided over the next 5 years.
Credit Suisse has also finalized an agreement and will pay 5,2 billion to the US government.
