Shares in Deutsche Bank are sharply lower after a report that the German government won't intervene with US officials who are pressing the bank to pay USD 14 billion to settle an investigation into its sales of mortgage-backed securities.
The bank's shares traded down 5.8 per cent at 10.74 euros today after the Friday report from Focus magazine. Focus also said the government had made it clear the bank would not receive any state bailout.
Deutsche Bank said it hasn't asked for help with the U.S. and isn't seeking a bailout. The bank said in a statement "the question is not on our agenda," adding that "Deutsche Bank is determined to meet its challenges on its own."
The bank has said it expects to pay less than USD 14 billion after negotiations.
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