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Banking   The impact of the $4.1 billion consumer relief

Deutsche Bank to pay $7.2 billion to settle mortgage probe

Deutsche BankDeutsche Bank agreed to pay a $3.1 billion penalty, plus provide $4.1 billion in consumer relief, to settle mortgage-backed securities claims with the U.S. Justice Department.

The German bank said it would take a roughly $1.17 billion pretax charge this quarter as a result of the $3.1 billion penalty.

READ MORE Deutsche Bank ex-trader pleads guilty to rigging Libor

The additional consumer relief has less immediate and less solid consequences, because it is to be paid out over at least five years, the bank said in a statement late Thursday night.

The impact of the $4.1 billion consumer relief could fluctuate over time. The bank said that portion of the settlement isn’t expected to have a material impact on its 2016 financial results.

The settlement was agreed “in principle” with the Justice Department, Deutsche Bank said.




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