German Bank PBB Drops as It Takes €314 Million Hit on US Exit

Deutsche Pfandbriefbank AG’s shares dropped as it booked €314 million ($367 million) in charges on its decision to get out of the US.

That move “will have a considerable negative impact on our result this year,” Chief Executive Officer Kay Wolf said in an earnings statement on Wednesday. “Our continued strong capital ratio shows that we can shoulder this strategic decision well.”