Deutsche Bank has agreed to pay $7.2bn to resolve the Department of Justice’s probe into the alleged mis-selling of mortgage securities – about half the sum authorities had originally claimed.

After months of talks with the US authorities, the German bank said early on Friday it agreed “in principle” to pay a $3.1bn civil penalty and also provide $4.1bn in relief to consumers.

The figure compares with the Justice Department’s opening request of $14bn. Deutsche had insisted it was not expecting to settle the claims for anything like that sum.

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