Deutsche Bank Paying Huge Fine In Tax Shelter Probe (DB)

Shares of Deutsche Bank AG (USA) DB are higher today, despite the German banking giant agreeing to pay $553.6 million and admit criminal wrongdoing in a long-running probe over tax shelters that prosecutors claim generated billions in false tax losses. Deutsche Bank said profits will not be affected, as it had already set aside money for the fine. UBS UBS recently paid $780 million in fines for the same issue.