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Deutsche Bank Q1 profits fall 50%

Deutsche Bank, Germany's biggest lender, unveiled Monday details of a massive strategic shake-up, as part of which it plans to bring down annual costs by 3.5 billion euros ($3.8 billion) by 2020

Deutsche Bank said Sunday its profits fell around 50 percent year on year in the first quarter, during which it agreed to pay $2.5 billion to settle a rate-rigging case with US and British authorities.

Net profits came to 559 million euros ($608 million), down from 1.1 billion euros in the first quarter of 2014. Germany's biggest bank said its litigation costs for the period amounted to 1.5 billion euros.