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 In an interview with German newspaper Sueddeutsche Zeitung published
on Saturday, co-CEO Juergen Fitschen said Deutsche's reserves to
deal with anticipated legal difficulties, worth 4.1 billion euros
($5.6 billion) as of September 30, should not be seen as a
definitive final amount.
"We increase the reserves whenever we deem it necessary. There is no
final amount, we are in an ongoing process," Fitschen was quoted
saying, asked to comment on speculation that the current level of
provisioning was insufficient.
Deutsche Bank said on Friday it would pay $1.9 billion to settle
Federal Housing Finance Agency claims that it defrauded two U.S.
government-controlled companies in the sale of mortgage-backed
securities before the 2008 financial crisis.
The bank said the payment had already been taken into account in its
litigation reserves and no additional reserves would be taken for
the settlement. But it is also is working to resolve a raft of other
legal and regulatory problems.
Anshu Jain, the lender's other eo-CEO, refused to be drawn in the
interview on whether a capital increase would be needed.
"We are committed to our high capital standards, that's all I can
say about this," Jain was quoted saying.
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Jain also said Deutsche's wealth management unit would see higher
earnings growth in 2013 than the bank's other divisions.
"Since we have completely restructured this division, we've seen
enormous growth and I'm confident that this trend will continue next
year," he said.
Jain added he was also "very optimistic" about the Private and
Business Clients division.
The lender's other divisions are Corporate Banking and Securities,
Global Transaction Banking, plus a Non-Core Operations unit.
($1 = 0.7315 euros)
(Editing by David Holmes)
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