FRANKFURT (Reuters) - Deutsche Bank's DBKGn.DE co-chief executive Juergen Fitschen said Germany's biggest bank aimed to close its major legal disputes by the end of the year, he told a German newspaper.
Germany’s flagship bank has paid nearly 13 billion euros (10 billion pounds) to settle legal disputes since 2012 and is stuck in the midst of ongoing cases.
“We want to conclude important proceedings until the end of the year,” Fitschen told German daily Bild. “However, it’s also clear that we have to avoid such proceedings in the future.”
He echoed remarks from co-CEO John Cryan who had said earlier this year that he wanted to book as much of the foreseeable legal burden as possible in 2016.
On Monday, Fitschen and four of the Bank’s previous leading figures were acquitted of charges over misleading a court in connection with the 2002 Kirch media empire collapse, closing a painful chapter after 14 years of legal wrangling.
Prosecutors in that case have the right to appeal the ruling, but no decision has been announced.
Fitschen told Bild he was unfazed over a possible appeal.
Deutsche Bank has been hit by its soaring legal costs, weak bond trading and a loss in its investment bank, which saw the financial institution post a record loss of 6.8 billion euros in 2015.
Reporting by Tina Bellon; Editing by Arno Schuetze and Louise Heavens
Our Standards: The Thomson Reuters Trust Principles.