Deutsche Bank's Shares Plunge Amid Default Concerns and Global Jitters.
TL;DR Summary
Shares in Deutsche Bank fell sharply on Friday, dragging down other major European banks, after fears about the global financial system sent fresh shudders through the market. Deutsche Bank shares closed down 8.5% on the German stock exchange after falling as much as 14%. Rising costs on insuring debt were also a prelude to Swiss lender Credit Suisse’s government-backed rescue by rival UBS. Despite the rebound under CEO Christian Sewing, the bank was “a natural candidate” for a market selloff because of its previous troubles, large, sometimes complex holdings and market skepticism about its future profits.
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