Deutsche Bank AG (DB) are off sharply in midday trading after the company announced that it has entered into a “Non-Prosecution Agreement with the US Attorney’s Office for the Southern District of New York.., and a Closing Agreement with the IRS.., to resolve an investigation related to the Bank’s participation in various tax-oriented transactions for clients from approximately 1996 to 2002. Under the terms of these agreements, the Bank will pay $553.6 mln. The bank has previously taken appropriate provisions for the full amount of the fine, so the payment will not have any impact on current net income.” [emphasis added]
Shares of DB are higher on the session by 22 cents, currently trading at $52.00. Day’s Range: session low $51.75 – session high $52.14.