Deutsche Bank agreed to pay approximately $630 million in fines to settle allegations that it helped Russian clients illegally move money across borders.
The New York State Department of Financial Services said Monday evening it would be issuing a fine of $425 million, while the U.K’s Financial Conduct Authority announced on Tuesday a penalty of £163 million or some $204 million.
The joint settlement by the U.S. and U.K. authorities is lower than the $1 billion originally anticipated. Investors cheered the settlement, sending Deutsche Bank’s stock up as much as 2 percent. By 09:37 A.M. in Frankfurt, shares were up 1.6 percent at 18.88, outperforming the German blue-chip DAX Index, which rose 0.1 percent.