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Deutsche Bank’s stock falls, as fintech worries continue

Deutsche Bank’s shares and bonds are selling off Friday, as investors turn wary of some European banks in the aftermath of Credit Suisse’s troubles.

First Republic Bank held just above record lows and other bank stocks wavered after a selloff in shares of Deutsche Bank raised fresh concerns about the health of the global banking system.

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“Deutsche Bank is under pressure now. People are repositioning, and unloading weak links.

People want to avoid anything that could come under focus,” said Jon Jonsson, a credit portfolio manager at Neuberger Berman.

“I don’t think there’s any immediate concern on Deutsche Bank but things are moving quite rapidly these days. It’s certainly a bank that has struggled with profitability for a long time,” Mr. Jonsson said.

Deutsche Bank shares recently stood about 9% lower in German trading, falling for a third straight session. Stock in other European banks also dropped. The bank’s U.S.-listed shares were off more than 3%.

The German bank’s riskier debt also declined in price. One of its additional tier 1 bonds traded at an all-time low, according to Tradeweb data.

Deutsche Bank AG plunged more than 5%.

Ally Financial Inc. and Fifth Third Bancorp were mostly flat.

Wells Fargo & Co. and Citigroup Inc. declined 2% apiece.

Morgan Stanley dropped 3%.

U.S. Bancorp lost 2%.

Zions Bancorporation, PacWest Bancorp and Western Alliance Bancorp each climbed 3%.

Comerica Inc. and Capital One Financial Service both fell about 1%.

U.S. Bancorp slumped 2.5%.



Image: Deutsche bank