Deutsche Bank finalizes $7.2 billion settlement


Deutsche Bank has slashed staff bonuses as it faces up to the $7.2bn bill it owes United States authorities as a result of the sale of toxic mortgage securities before the 2008 financial crisis took hold.

Europe's biggest lender Deutsche Bank and the US Department of Justice have reached an agreement over its sale of toxic mortgage-backed securities before the 2008 financial crisis, according to the government agency.

The other $4.1 billion included in the settlement is earmarked for "relief to underwater homeowners, distressed borrowers and affected communities", DOJ said in a statement.

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As part of the settlement, Deutsche Bank has agreed to fully cooperate with investigations related to the conduct covered by the agreement. "In concrete terms, this means that employees with the corporate titles of Vice President, Director and Managing Director will receive the group variable compensation component but not any individual variable compensation component for the 2016 financial year", the statement added.

"This resolution holds Deutsche Bank accountable for its illegal conduct and irresponsible lending practices, which caused serious and lasting damage to investors and the American public", US Attorney General Loretta Lynch said in the release. "This is especially true at a time when thousands of jobs are being cut and our shareholders are not receiving an annual dividend". Deutsche Bank's then-CEO Josef Ackermann also waived his bonus at the time, along with other members of the bank's management and supervisory boards.

Separately, Deutsche Bank will slash bonuses for senior employees by about 90 percent, a move that will be announced on Wednesday, Spiegel reported.