Deutsche Bank Posts Q4 Loss After Hard Year

first_img Related Articles Demand Propels Home Prices Upward 2 days ago February 2, 2017 1,206 Views Home / Daily Dose / Deutsche Bank Posts Q4 Loss After Hard Year The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago Previous: Setting it Right: Goldman Sachs Works Toward Agreement Next: Fitch downgrades distressed bonds Phil Banker began his career in journalism after graduating from the University of North Texas. He has covered a number of communities across Texas and southern Oklahoma, writing news and sports for publications including the Ardmoreite, Ennis Daily News and the Plano Star-Courier. He is currently a contributor to DS News and The MReport. 2017-02-02 Phil Banker Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days agocenter_img Servicers Navigate the Post-Pandemic World 2 days ago Deutsche Bank Posts Q4 Loss After Hard Year Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Headlines, News Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Phil Banker Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Deutsche Bank’s woes continue to compound after posting a $2.05 billion loss for Q4, ending an already trying year for the bank on a low note.The bank’s full-year net loss was roughly $1.51 billion, down from a net loss of approximately $7.3 billion in 2015, with CEO John Cryan saying that the bank “finished 2016 with pleasingly strong capital and liquidity ratios.”However, Deutsche Bank shares dropped 3 percent at the beginning of trading Thursday, following the announcement of the Q4 loss.Much of the loss, according to the bank, was attributed to the sale of its Abbey life insurance business, restructuring and litigation costs.Deutsche Bank agreed to pay a $7.2 billion settlement in January following an investigation into its residential mortgage-backed securities and securitization activities between 2005 and 2007. The bank agreed to pay a civil monetary penalty of $3.1 billion and pay $4.1 billion toward consumer relief in the form of loan modifications and other assistance to homeowners and borrowers over a five-year period.The U.S. Justice Department stated that this “agreement represents the single largest RMBS resolution for the conduct of a single entity.””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,” said now former Attorney General Loretta E. Lynch in the release.Most recently U.S. District Judge Jesse Furman in Manhattan refused to throw out a proposed class-action lawsuit mounted against Deutsche Bank seeking to recover “significant money damages” connected to their alleged “failure to discharge its essential duties” as trustee of 62 trusts created between 2004 and 2008, which issued notes backed by roughly $90.3 billion of home loans. Plaintiffs against Deutsche Bank include BlackRock Inc. and Pacific Investment Management Co.The judge did however grant the bank’s request to dismiss conflict-of-interest claims.Deutsche Bank Co-CEO John Cryan sent a statement to employees on January 17 thanking them for their resilience during the settlement process.“Despite this financial impact, we are pleased to have resolved this matter,” Cryan said.  “We had to invest a vast amount of time and energy in these negotiations, and the resolution of this matter creates a lot more certainty.” Share Save Subscribelast_img read more

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