Deutsche Bank shares plunge amid investor concerns about stability.
Deutsche Bank shares plunged on Friday, along with the stocks of other European banks, amid investor concerns over the stability of the global banking sector. The drop comes in the aftermath of the recent emergency rescue of Credit Suisse and follows losses in U.S. banks on Thursday.Deutsche Bank
Having lost a fifth of their value since the start of the month, Deutsche shares plunged almost 15% on March 24, their lowest level in five months, Reuters pointed out. The report noted that in just one week, Germany’s largest lender has seen $3 billion wiped off its value. The swaps rose for other leading European banks as well. The shares of Commerzbank, another German banking giant, France’s Societe Generale and the Spanish Banco de Sabadell also saw steep declines on Friday, Bloomberg reported.of Switzerland’s Credit Suisse by rival UBS. Both groups are now under scrutiny in connection with a U.S. Justice Department probe into whether bankers helped Russian oligarchs evade Western sanctions.
Deutsche Bank was the biggest loser on Friday, prompting a reaction from German Chancellor Olaf Scholz who rejected comparisons with the case of Credit Suisse. At a summit in Brussels, he was quoted by the Financial Times as stating:
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