Shares fall sharply following report

SHARES in Deutsche Bank are down sharply after a report that the German government won’t intervene with US officials who are pressing the bank to pay $14 billion (R191bn) to settle an investigation into its sales of mortgage-backed securities. The bank’s shares closed down 7.5 percent at 10.55 (R161) yesterday after the Friday report from Focus magazine. Focus, which cited “government circles” as its source, also said the government had made it clear the bank would not receive any state bailout. Deutsche Bank said it had not asked for help with the US and was not seeking a bailout. “The question is not on our agenda,” the bank said. The bank said it expected to pay less than $14bn after negotiations. Deutsche Bank shares have fallen 52 percent this year as the bank goes through a wrenching restructuring and cost-cutting under chief executive John Cryan. – AP