Deutsche Bank shares hit three-week high

Deutsche Bank
Krisztian Bocsi | Bloomberg | Getty Images
Deutsche Bank

Deutsche Bank topped $14 a share in New York trade Monday for the first time since news of the Justice Department's request for a $14 billion settlement sent the stock in a downward spiral.

The stock later slipped below that level and closed at $13.90 a share, but still up nearly 2 percent on the day.

The gains followed a Reuters report earlier Monday that the German bank's management is rethinking its business strategy. Reuters cited sources familiar with the situation.

Deutsche Bank did not immediately return an emailed request for comment to CNBC.

Deutsche Bank shares 30-day performance

Source: FactSet

Monday's afternoon gains of more than 2.5 percent followed a 0.8 percent rise Friday, bringing the stock to levels not seen since Sept. 15. After that day's close, news surfaced that the DOJ was demanding $14 billion to settle the bank's mortgage lending activities during the housing bubble, before the recession.

Deutsche Bank shares fell more than 9 percent on Sept. 16 and the sell-off picked up at the end of September, sending shares to record lows in U.S. trade. The stock's market value was still less than $20 billion as of Friday's close.

The bank and analysts have said they expect the final settlement to be far below the $14 billion figure.

As of June 30, Deutsche Bank said it had 5.5 billion euros ($6.17 billion) in litigation reserves, according to a presentation the bank gave during quarterly earnings.