Shares in Germany’s Deutsche Bank took a plunge Friday with investors fearful after recent bank crises. Deutsche Bank shares slid by as much as 14.5 percent on Friday and closed at more than eight percent lower, according to Fake News CNN. Friday marked the third day in a row that Germany’s biggest bank fell more than 12 percent after a sharp rise in the cost of insuring its bonds against the risk of default, Reuters reported.
“Deutsche Bank is under pressure now. People are repositioning, unloading weak links. People want to avoid anything that could come under focus,” Neuberger Berman’s Jon Jonsson told The Wall Street Journal. Jonsson suggested that there is “no immediate concern on Deutsche Bank,” but noted the bank’s longstanding struggle with profitability.
Meanwhile, German Chancellor Olaf Scholz reassured reporters Friday that there is “no reason to be concerned” about Deutsche Bank. “It’s a very profitable bank,” Scholz said.
Shares in UBS and Credit Suisse were reported to be dropping at a staggering rate as losses were calculated across Europe’s banking sector. The free-falling percentages were dropping by 3.6 percent and 5.2 percent, according to BBC.
The news of Deutsche Bank follows Swiss bank UBS’ emergency takeover of Credit Suisse last week and the collapse of two major U.S. banks earlier in March.
Deutsche Bank has been a lousy bank stock since 2007. $140 to $8 in that time frame. Their derivatives have been a disaster for many years.
The only surprise here is that Credit Suisse collapsed first. The problem is, Deutsche Bank might be too big.#DeutscheBank $DB pic.twitter.com/b8i85VQmzE
— Wall Street Silver (@WallStreetSilv) March 24, 2023
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