Email your news and story ideas to: [email protected]
Commerzbank warns of increases in legal provisions
Commerzbank has just set aside US$549m for legal costs and its finance director has warned that a US investigation into alleged sanctions violations could lead to further provisioning.
Comerzbank is the latest bank to warn of increased legal provisions Vytautas Kielaitis
Sign up for our free daily newsletter
YOUR PRIVACY - PLEASE READ CAREFULLY DATA PROTECTION STATEMENT
Below we explain how we will communicate with you. We set out how we use your data in our Privacy Policy.
Global City Media, and its associated brands will use the lawful basis of legitimate interests to use
the
contact details you have supplied to contact you regarding our publications, events, training,
reader
research, and other relevant information. We will always give you the option to opt out of our
marketing.
By clicking submit, you confirm that you understand and accept the Terms & Conditions and Privacy Policy
Discussions between the German bank and the US authorities are continuing about the bank's alleged infringements of sanctions imposed on Iran. Chief financial officer Stephan Engels said: 'In the last couple of days, discussions with the U.S. authorities have further intensified...There is a high probability that this might lead to a further increase in legal provisions.' Various banks have been accused of sanctions-busting by the Federal Reserve and the Office of the Comptroller of the Currency. The allegations include claims that controls were not strong enough and that they could allow terrorists and drug rings the possibility of transferring their money around the world.
Credit Suisse
Credit Suisse has returned to profit in Q4 2014, after reporting losses in the same period in 2013 - a period in which it was heavily weighed down by legal provisions. Source: Here is the city and New York Times
