Loot drops will occur from Mobs, bosses and I assume after Completion of Missions, but it will be for you alone - private, so No NINJA looting.
Also they said every drop should be meaningful and a worthwhile upgrade and not piles of junk like in every other RPG.
We have also seen chests that can be looted & they have hinted NPC's in the city will sell items too.
Pretty standard stuff if you have played RPG games.
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So loot drops will occur, as seen in the gameplay trailer. They will also occur from random baddies, although not as meaningful as say, fighting a boss or mini boss. Public events will have rewards and drops upon completion. You will also loot chests and be able to purchase from towns and acquire different things on different missions. You'll also be able to trade (whether it be with NPCs or other players, it is unknown). And the cherry on top of it all, no ninja looting. You get your own pile of dynamic loot, which is to say, you will get a gun/armor/etc different from who your playing with.