European Banks Fall as Prospect of Billion-Dollar Fines Loom
- Banks slide as U.S. seeks $14 billion from Deutsche Bank
- European lenders have yet to resolve U.S. mortgage claims
Deutsche Bank Plummets on $14 Billion DOJ Claim
This article is for subscribers only.
Investors in Europe’s biggest banks, frustrated with the problems of today, just got a reminder that the lenders still have to pay for the sins of the past.
Shares in Credit Suisse Group AG, Royal Bank of Scotland Group Plc, Barclays Plc and UBS Group AG fell after Deutsche Bank AG disclosed that the U.S. Department of Justice is seeking $14 billion to settle claims it sold faulty securities before the financial crisis. While U.S. rivals including JPMorgan Chase & Co. and Citigroup Inc. have reached settlements, banks across the Atlantic have yet to resolve similar probes.