One of the law firms representing victims in the case, Edwards Pottinger, said it believes the sex-trafficking settlement is likely the largest with a bank in US history.

Deutsche Bank subsidiary DWS said its chief executive is resigning – hours after authorities raided its offices as part of a probe into claims the company exaggerated the sustainable credentials of some of its financial products.

Authorities in Germany raided the offices of Deutsche Bank and its subsidiary DWS on Tuesday following claims that it was exaggerating the sustainable credentials of some of the products it sold.

Deutsche Bank reported its third straight quarterly profit amid continuing government financial help for businesses during the coronavirus pandemic and as revenues rose at its investment bank division.

Deutsche Bank has reported a small net profit of €61m (£55. 1m) in the second quarter as cost-cutting and revenue growth outweighed increased loan losses due to the virus outbreak. The gain compared with a loss of €3. 1bn (£2.