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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 opened down 7% in Europe, matching losses seen overnight in New York trading. Shares in troubled Deutsche Bank have hit new lows in European trading as confidence in the bank continues to falter.
The trigger for the latest share price slide was reports that some hedge funds had taken out cash and withdrawn positions in its investment bank. The shares extended losses overnight in New York trading to fall below €10 (£8.60) for the first time ever.
Deutsche Bank has said it is confident most clients understood that it is stable. The latest slide followed reports that some hedge funds had taken out cash and withdrawn positions in its investment bank.
The shares are at €10.05 in morning trading in Frankfurt. Deutsche Bank has said it is confident most clients understand it is stable.
Investors are increasingly worried about the financial health of the bank, which now faces a $14bn fine in the US for mis-selling mortgage-backed bonds before the financial crisis of 2008. The shares were down 8% at about €10.00 in morning trading in Frankfurt.
The bank's shares have been falling steadily from a recent high of €27.80 last November. 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.
It Italy, the 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". 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.