Fannie Mae-No Politics (FNMA)

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Deutsche Bank AG (DBK), Germany’s biggest lender, is replacing its finance and legal chiefs as mounting litigation expenses wiped out quarterly profit and the firm begins talks to settle probes into alleged market rigging.

The bank swung to a net loss in the three months through September after setting aside 894 million euros ($1.1 billion) for litigation, the company said today. Yesterday, the Frankfurt-based lender named Goldman Sachs Group Inc.’s Marcus Schenck to succeed Stefan Krause as chief financial officer and promoted Christian Sewing to the board to oversee the firm’s legal affairs.

Deutsche Bank is among institutions accused of attempting to manipulate currency markets and said today it’s in talks with authorities to resolve its role in the industrywide rigging of benchmark interest rates. It is also under investigation for doing business with countries subject to U.S. sanctions, including Iran, while authorities in Germany and the U.S. have criticized its accounts and regulatory reports.

http://www.businessweek.com/news/2014-10-29/deutsche-bank-swings-to-third-quarter-loss-on-legal-costs