But in a quick reaction, Deutsche Bank rejected the US$14 billion figure, which the bank said was an opening proposal in settlement talks with US prosecutors. “Deutsche Bank has no intent to settle these potential civil claims anywhere near the number cited,” the statement said. According to securities filings, Deutsche Bank as of June 30 had set aside US$5.5 billion to resolve pending legal matters. In recent years, Deutsche Bank has found itself mired litigation and enforcement actions around the world. In June, the International Monetary Fund described the bank as a “major systemic risk,” leaving its chief executive John Cryan to strive to convince markets that Deutsche Bank was bound to recover.

Source: New Strait Times September 16, 2016 00:45 UTC