The Justice Department has suggested that Deutsche Bank pay $14 billion to settle a number of investigations related to mortgage securities, the bank confirmed on Thursday.
Deutsche said in a statement it "has no intent to settle these potential civil claims anywhere near the number cited." The bank emphasized that negotiations have just started and that it expects the outcome to be "similar to those of peer banks which have settled at materially lower amounts."
The Wall Street Journal first reported the figure, citing sources familiar with the situation.
The bank's Frankfurt-listed shares were among the worst-performers on the Stoxx600 Friday morning, down 9.3 percent.
The company previously thought that a settlement between $2 billion and $3 billion would be fair, as it had already paid $1.9 billion in 2013 to resolve similar claims, the Journal said.
Reuters reported that, in January, Goldman Sachs said it would pay more than $5 billion to settle claims it misled mortgage bond investors during the financial crisis. The following month, Reuters reported that Wells Fargo reached a $1.2 billion settlement over mortgage fraud allegations. The news service also reported that Bank of America came to a $16.65 billion settlement in 2014 and that JPMorgan settled for $13 billion in 2013.
The Justice Department declined to comment to CNBC.