Deutsche Bank hopes to settle largest litigation cases in 2016
FRANKFURT (Reuters) - Deutsche Bank (DBKGn.DE: Quote) hopes to draw a line under its four largest remaining litigation cases this year, it said on Wednesday, as Chief Executive John Cryan continues to put a speedy revamp ahead of short-term profit.
Among other, the lender wants to settle U.S. investigations into mis-selling of mortgage-backed securities in the run-up to the financial crisis, where Deutsche Bank Deutsche begun settlement talks with the U.S. Department of Justice.
Separately, it plans to close the chapter of alleged manipulation of foreign exchange rates, where the bank reached a settlement in Europe, but where negotiations with four U.S. regulators are ongoing.
Deutsche Bank also hopes to put a probe by European and U.S. regulators into suspicious equities trades in Russia behind it.
Deutsche Bank earlier warned that deeper cuts may be needed to turn around the lender after revenues fell sharply in the second quarter as the low interest rate environment and volatile markets weighed on the business.
(Reporting by Arno Schuetze; Editing by Maria Sheahan)
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