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Deutsche Bank shares open at record lows in Europe | Deutsche Bank shares open at record lows in Europe |
(35 minutes later) | |
Shares in troubled Deutsche Bank have hit new lows in European trading as confidence in the bank continues to falter. | |
The shares extended losses overnight in New York trading to fall below €10 (£8.60) for the first time ever. | |
The latest slide followed reports that some hedge funds had taken out cash and withdrawn positions in its investment bank. | |
Deutsche Bank has said it is confident most clients understand it is stable. | |
The shares were down 8% at about €10.00 in morning trading in Frankfurt. | |
But Deutsche Bank is under the most pressure of any since the financial crisis. | |
Investors are increasingly worried about the financial health of the bank, which faces a $14bn fine in the US for mis-selling mortgage-backed bonds before the financial crisis of 2008. | |
The bank's shares have been falling steadily from a recent high of €27.80 last November, but at their peak in May 2007, before the start of the banking crisis, they were valued at almost €100. | |
Deutsche's woes hit bank shares across Europe, with Barclays and Royal Bank of Scotland falling more than 4% at the start of trading in London. | Deutsche's woes hit bank shares across Europe, with Barclays and Royal Bank of Scotland falling more than 4% at the start of trading in London. |
German rival Commerzbank was down about 5%, while Swiss, French and Italian banks were down by about the same amount. | |
In Italy, Economy Minister Pier Carlo Padoan told La Stampa newspaper that it was in everyone's interest "to look for solutions that must then be carefully handled". | |
Deutsche Bank made a net loss of €6.8bn last year and has embarked on a round of hefty cost-cutting that includes shedding 15% of its 100,000-strong global workforce. | |
Like most of the world's leading banks, Deutsche Bank has been embroiled in the major banking scandals of recent years, including rigging interest rates. |