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Deutsche bank's profits stemmed by legal costs
Frankfurt finance giant Deutsche Bank has been forced to backtrack on its 2012 profit figures after it set aside hundreds of million of euros yesterday to cover its legal costs.
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The bank has now put €2.4bn aside to cover the bill, an increase of €600m (£510m) on earlier estimates.
Investigations
City AM reports that Deutsche Bank did not offer any details of the extra €600m provision, but the bank is known to be under investigation in connection with lending rates and may also be involved in mortgage lawsuits.
The bank’s 2012 profits now stand at €800m, more than 40 per cent lower than previously published figures.
