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Deutsche Bank shares open 8% lower on news US seeking record fine

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Frankfurt (AFP)

Shares in German lender Deutsche Bank plunged in Frankfurt on Friday morning on news that US authorities were seeking a record $14 billion fine, opening 8 percent lower.

In an overnight statement, the bank confirmed the US Department of Justice was seeking the 12.5-billion-euro settlement in relation to the 2008 mortgage crisis, but said it expected to reach a "materially lower" figure in negotiations.

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