Deutsche Bank Shed Cuba Business

Excerpt from The New York Times:

Deutsche Bank, based in Frankfurt, disclosed that it had received requests for information from regulators related to high-frequency trading. The bank said it was cooperating with the inquiries, though it did not disclose what countries the regulators were from. The bank also said it had been named as a defendant in class-action suits in the United States related to high-frequency trading.

The bank increased the amount set aside for litigation expenses by €470 million, bringing the total to €2.2 billion. The increase came in response to recent settlements paid by other banks, Stefan Krause, Deutsche Bank’s chief financial officer, said during a conference call with analysts on Tuesday.

BNP Paribas, France’s biggest bank, agreed on July 1 to pay $8.9 billion to settle charges in the United States that it had conducted business with countries that face United States sanctions. Deutsche Bank is among the banks under investigation for similar violations. The German bank said in its second-quarter report that it had not accepted any new business from Iran, Sudan, North Korea, Cuba and certain Syrian banks since 2006.