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Clean Up Batters Europe's Banks

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Clean Up Batters Europe's Banks
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Still suffering from the costs of a clean-up. Deutsche Bank and UBS' third quarter results unexpectedly took a hit from potential legal costs. They're both weighed down by allegations about manipulating the Libor inter-bank lending rates - and so are holding more capital. Germany's flagship lender set aside an extra 1.2 billion euros to deal with possible litigation costs. That saw its quarterly pretax profit fall by 98% to 18 million euros, far lower than predicted.moreless
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