If anyone still doubts the mounting legal burdens now falling on the world’s largest finance houses Deutsche Bank has this week dispelled such thoughts after announcing a fresh €1.2bn provision to cover its legal costs.
The German banking giant today (29 October) reported a 98% fall in quarterly profits after setting aside additional funds to cover its liabilities, reflecting the mounting regulatory burden facing the financial institution. The bank’s group income before taxes dropped for the third quarter to €18m, against last year’s figure of €747m for the same period in 2012.
