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Shares of Deutsche Bank fell sharply Friday, dragging down other major European banks and leading German Chancellor Olaf Scholz to express confidence in the country's largest lender after fears about the global financial system sent fresh shudders through the market.
A decision by Germany’s largest bank to repay some bonds early sparked a wider European rout. The German leader and the ECB boss urged calm.
ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero
The widespread declines undermine hopes among authorities that the government-brokered rescue of Credit Suisse Group AG last weekend would stabilize the broader sector.
Central banks and regulators had hoped that the Credit Suisse rescue deal would help calm investor jitters about the stability of Europe's banks.