Deutsche Bank could reach agreement with US Justice before Christmas

Deutsche Bank could enter 2017 with one less item to tick off its to-do list, as it has emerged that a potential mega fine from the US Department of Justice (DoJ) could be settled on Wednesday, the Reuters reported.

A source told the news outlet there is a good chance Deutsche Bank will reach an agreement with the U.S. Department of Justice before Christmas, possibly as early as Wednesday. The source also said the bank is set to pay a penalty well below the $14 billion the DOJ initially demanded. Deutsche has been negotiating the terms of the fine with the DoJ since September, when the US authority targeted it with a $14-billion penalty for its role in the sub-prime mortgage crisis.

Chief executive John Cryan has always insisted that the bank would pay less than the initial demand, while a source told AFP in late September that the two sides were nearing a deal for $5.4 billion. Deutsche Bank declined to comment.