Deutsche litigation costs cut profit by $600m

Deutsche Bank has knocked €600m (£514m) off its 2012 profits because it had to set aside more money to cover litigation costs. That cut its pre-tax profit for last year to €800m and raised its provisions for litigation matters to €2.4bn.

The bank did not specify which areas of concern the extra money covered, but it is involved in Libor rigging, sanctions busting and bond mis-selling inquiries.