German Finance Minister Wolfgang Schaeuble pushed back against Deutsche Bank AG co-Chief Executive Officer Juergen Fitschen after he said the minister’s call to keep up vigilance of banks was “irresponsible.”
Former Bertelsmann SE Chief Executive Officer Thomas Middelhoff faces a criminal probe by German prosecutors over suspicions he gave false testimony about the demise of the late Leo Kirch’s media group.
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.
France’s economy poses the most serious threat to Europe’s recovery from a debt crisis that has crippled growth and driven unemployment to record highs, according to a survey of bankers and their regulators in Frankfurt.
Regulators outnumber bankers at Frankfurt’s biggest finance conference this week, underlining their importance as the European Central Bank prepares to scrutinize the books of the euro area’s largest lenders.
Deutsche Bank AG co-Chief Executive Officer Juergen Fitschen, already facing a tax evasion case, was added to suspects in a probe of former bank executives’ testimony in a lawsuit filed by Leo Kirch’s media group.
Deutsche Bank AG, Europe’s largest investment bank by revenue, said third-quarter profit slid 94 percent after it set aside 1.2 billion euros ($1.65 billion) to cover potential legal costs and income from debt trading fell.