From The Guardian:
Shares in Deutsche Bank have gyrated wildly before closing sharply higher amid speculation the embattled German lender was on the brink of a deal with the US authorities over a decade-old mis-selling scandal that would be less damaging to its finances.
On a day of big swings on the market, shares in Germany’s biggest bank initially slumped as much as 9% on Friday to leave the stock below the key €10 (£8.65) level. But by the end of day on the Frankfurt exchange, they were 6% higher at €11.57. They have lost 50% of their value this year.
The rally continued on Wall Street after Europe closed with the bank’s US-listed shares rising 14%.
The stock was buoyed by an attempt by chief executive John Cryan to calm nerves with a memo sent to the bank’s 100,000 staff and hopes of a deal with the US Department of Justice over the mis-selling of mortgage bonds between 2005 and 2007. An Agence France-Presse report suggested the bank might be doing a deal with the DoJ to pay just over a third of the $14bn (£10.8bn) penalty that was originally suggested by the DoJ.