FRANKFURT May 22 Deutsche Bank gave
shareholders a sense of the size of its legal and regulatory
problems on Thursday, when it said it faced around 1,000 major
Stefan Krause, the bank's finance chief, said that the bank
had paid around 350 million euros ($478 million) in legal
advisory fees in 2013 alone as the bank works to free itself
from investigations and lawsuits that have followed the
"We are involved currently in around 1,000 suits that have a
value of over 100,000 (euros)," Krause told shareholders at the
bank's annual general meeting. He said the total number of
lawsuits was more than 6,000.
"We are expecting continued headwinds from legal matters."
Germany's largest bank is facing an array of investigations
into the conduct of its employees. A jump in litigation costs
was partly responsible for weak earnings in 2013 and also for
its performance so far this year, putting pressure on co-Chief
Executives Anshu Jain and Juergen Fitschen.
Deutsche Bank has already had to pay more than 5 billion
euros ($6.9 billion) over the past two years for settlements and
fines stemming mostly from the financial crisis. The bank has
set aside another 1.8 billion euros in anticipation of more pain
It is also dealing with a large number of regulatory
investigations and demands. Deutsche Bank faces 180 various
cases with supervisors, Krause said.
One event, such as the global investigation into alleged
manipulation of benchmark interest rates, may count as more than
one case if more than one regulator is involved, a spokesman for
the bank said.
Deutsche is aiming to raise 8 billion euros ($11 billion) in
a capital increase to help to fortify its finances ahead of a
regulatory health check due later this year.
($1 = 0.7318 Euros)
(Reporting by Thomas Atkins and Arno Schuetze. Editing by Jane