Deutsche Bank AG will pay about 925 million euros ($1.27 billion) to settle a 12-year-old dispute with the heirs of Leo Kirch over the collapse of his media group, according to two people familiar with the matter.
Europe’s biggest banks, led by Lloyds Banking Group Plc and Deutsche Bank AG, have racked up more than $77 billion in legal costs since the financial crisis, five times their combined profit last year.
Stefan Krause , who left the auto industry after a 20-year career to join Deutsche Bank AG as chief financial officer, had a memorable introduction to the banking world in April 2008. On his first day, Germany’s biggest lender announced a record loss on loans and asset-backed securities.
Hugo Boss AG fell to a 2 1/2-week low in Frankfurt trading after Hamburger Sparkasse cut its recommendation on Germany’s biggest luxury clothier to “ hold ” from “buy,” citing the cost of the retail chain’s expansion.
UniCredit SpA, Italy’s biggest bank, posted a record 15 billion-euro ($20.8 billion) fourth- quarter loss as it set aside money for bad loans and wrote down goodwill from acquisitions. It plans to cut 8,500 jobs.