The BGH ruling will be costly for Deutsche Bank.
Photo: Reuters
Deutsche Bank sees a total fee of around €300 million as a result of the BGH fee decision. The Bank will make provisions for potential customer claims.
Drin another meaning German Bank According to a ruling by the Federal Court of Justice on how to handle changes to fees, this year already expects fees in the three-million-figure range. Chief Financial Officer James von Moltke said Thursday at a conference of investment bank Goldman Sachs that the bank will likely allocate €100 million in the second quarter due to the decision against the group’s Postbank. In addition, the group’s earnings are likely to decline. In the second and third quarters as a result of the ruling decreased by about 100 million euros.
The Bundesgerichtshof It recently decided that banks must obtain their customers’ consent to make changes to the general terms and conditions. Implied consent required harms customers inappropriately. Many customers can now recover part of the excess fees paid from the past – according to Stiftung Warentest, retroactive to January 1, 2018.
According to BaFin, the ruling could cost banks in Germany dearly. In the worst case, the decision could cost institutions an estimated half of annual net income, BaFin’s top banking supervisor and acting president Raymond Rossler said in May.
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