Credit Suisse to Pay $5.3 Billion in US Mortgage Settlement

Credit Suisse to Pay $5.3 Billion in US Mortgage Settlement 

Credit Suisse has agreed to pay $5.28 billion to resolve a US investigation into its mortgage backed securities as officials go through the post crisis bank cases.  The lender will pay a $2.48 billion civil penalty and $2.8 billion in relief for people who were affected by the collapse in home prices.

“Credit Suisse has agreed to pay $5.28 billion to resolve a US investigation into its mortgage backed securities as officials go through the post crisis bank cases.”

~Bloomberg

This follows a $7.2 billion settlement in a related case from Deutsche Bank AG. The Justice Department has also sued Barclays for fraud over its sale of mortgage bonds after it hesitated at paying the penalty amount the government sought.

Related Reports: Bloomberg, CNBC

 

About Credit Suisse

Founded in 1856, we today have a global reach with operations in over 50 countries and 48,200 employees from over 150 different nations. Our broad footprint helps us to generate a geographically balanced stream of revenues and net new assets and allows us to capture growth opportunities around the world. We serve our clients through three regionally focused divisions: Swiss Universal Bank, International Wealth Management and Asia Pacific. These regional businesses are supported by two other divisions specializing in investment banking capabilities: Global Markets and Investment Banking & Capital Markets. The Strategic Resolution Unit consolidates the remaining portfolios from the former non-strategic units plus additional businesses and positions that do not fit with our strategic direction. Our business divisions cooperate closely to provide holistic financial solutions, including innovative products and specially tailored advice.

Visit: Credit Suisse

 


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Deutsche Bank to fight $14 Billion Settlement Demand

Deutsche Bank to fight $14 Billion Settlement Demand

Deutsche Bank said it would fight a $14 billion demand from US Department of Justice to settle claims that it mis sold mortgage backed securities. The claims against Deutsche far exceeds the expectations that the DOJ would only be looking for a figure up to 3 billion Euros (3.4 billion).

“Deutsche Bank said it would fight a $14 billion demand from US Department of Justice to settle claims that it mis sold mortgage backed securities.”

~ Reuters

Deutsche bank only managed to scrape through European stress tests in July and has warned that it may need most cost cutting measures to turn itself around after revenue fell sharply in the second quarter due to market conditions and low interest rates. A $14 billion fine, or even half that sum, would rank among one of the largest paid by banks to U.S. authorities in recent years.

Related Reports: Reuters, CNBC

 

About Deutsche Bank

Deutsche Bank is a leading global investment bank with a strong and profitable private clients franchise. A leader in Germany and Europe, the Bank is continuously growing in North America, Asia and key emerging markets. With more than 78,000 employees in over 70 countries worldwide, Deutsche Bank offers unparalleled financial services throughout the world. The Bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people.

Visit: Deutsche Bank

 


The Wealth Insider is the world’s leading wealth intelligence for global wealth managers, investments managers, asset managers, high net-worth service providers and wealthy individuals.  Our global workforce seamlessly present the inside news of the most relevant news, insights, global wealth trends, innovation & digital transformation to our global audience.

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