This article is from the source 'independent' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.independent.co.uk/news/business/news/deutsche-bank-shares-stock-market-europe-john-cryan-memo-ceo-barclays-a7338951.html
The article has changed 3 times. There is an RSS feed of changes available.
| Version 0 | Version 1 |
|---|---|
| Deutsche Bank fears rattle stock market as shares open at record low in Europe | Deutsche Bank fears rattle stock market as shares open at record low in Europe |
| (35 minutes later) | |
| Concerns about Deutsche Bank’s health have rattled Europe’s financial stocks on Friday as the bank's shares hit new lows. | |
| Deutsche Bank’s shares extended losses overnight in New York trading, taking the bank’s share price below €10 (£8.60) for the first time ever. | Deutsche Bank’s shares extended losses overnight in New York trading, taking the bank’s share price below €10 (£8.60) for the first time ever. |
| Deutsche's woes hit bank shares across Europe with Lloyds Banking group, Barclays and Royal Bank of Scotland all falling by more than 4 per cent per cent at the start of trading in London. | Deutsche's woes hit bank shares across Europe with Lloyds Banking group, Barclays and Royal Bank of Scotland all falling by more than 4 per cent per cent at the start of trading in London. |
| Commerzbank, Germany's second-biggest lender, was down by nearly 5 per cent. | Commerzbank, Germany's second-biggest lender, was down by nearly 5 per cent. |
| Swiss, French and Italian banks were down by about the same amount. | Swiss, French and Italian banks were down by about the same amount. |
| “Understandably the European markets are rattled. The FTSE has now lost all of the 2016-high grazing growth it managed yesterday, falling back below 6850 in part thanks to the near 5 per cent declines seen by Barclays and RBS,” Conner Campbell of SpreadEx said. | “Understandably the European markets are rattled. The FTSE has now lost all of the 2016-high grazing growth it managed yesterday, falling back below 6850 in part thanks to the near 5 per cent declines seen by Barclays and RBS,” Conner Campbell of SpreadEx said. |
| “The DAX, meanwhile, dropped by nearly 200 points, with the CAC the worst performing major index at a 2.1pc slide thanks to the heavy losses incurred by BNP Paribas, Credit Agricole and Societe Generale,” he added. | “The DAX, meanwhile, dropped by nearly 200 points, with the CAC the worst performing major index at a 2.1pc slide thanks to the heavy losses incurred by BNP Paribas, Credit Agricole and Societe Generale,” he added. |
| John Cryan, the chief executive of Deutsche Bank, has written a memo to staff insisting that the company has a strong foundation, in an attempt to reassure its staff. | John Cryan, the chief executive of Deutsche Bank, has written a memo to staff insisting that the company has a strong foundation, in an attempt to reassure its staff. |
| “There are forces now under way in the markets that want to weaken confidence in us,” Cryan said. | “There are forces now under way in the markets that want to weaken confidence in us,” Cryan said. |
| “Our job now is to ensure that this distorted perception does not more strongly influence our day-to-day business,” he added. | “Our job now is to ensure that this distorted perception does not more strongly influence our day-to-day business,” he added. |
| On Wednesday, the German government has denied it is considering injecting billions of euros into Deutsche Bank, following reports from a German newspaper it was preparing an emergency rescue package. | On Wednesday, the German government has denied it is considering injecting billions of euros into Deutsche Bank, following reports from a German newspaper it was preparing an emergency rescue package. |
| Deutsche has been under pressure since it emerged that the US Department of Justice (DoJ) has proposed a $14 billion (£10.6 bn) fine to settle civil claims regarding its handling of mortgage-backed securities that contributed to the 2008 financial crisis. | Deutsche has been under pressure since it emerged that the US Department of Justice (DoJ) has proposed a $14 billion (£10.6 bn) fine to settle civil claims regarding its handling of mortgage-backed securities that contributed to the 2008 financial crisis. |
| The German-based bank is among many financial institutions investigated over dealings in discreditable mortgages in the run-up to the financial crisis. The government has accused the banks of misleading investors about the quality of their loans. | The German-based bank is among many financial institutions investigated over dealings in discreditable mortgages in the run-up to the financial crisis. The government has accused the banks of misleading investors about the quality of their loans. |
| Deutsche Bank has lost about 43 per cent of its market value this year. Net income decreased to €18 million (£15m) from €796 million a year earlier. | Deutsche Bank has lost about 43 per cent of its market value this year. Net income decreased to €18 million (£15m) from €796 million a year earlier. |
| John Cryan, has been cutting risky assets, freezing dividend payments and eliminating about 9,000 staff to boost capital levels. | John Cryan, has been cutting risky assets, freezing dividend payments and eliminating about 9,000 staff to boost capital levels. |
| In June, the International Monetary Fund (IMF) said that of the banks big enough to bring the financial system crashing down, Deutsche Bank was the riskiest. | In June, the International Monetary Fund (IMF) said that of the banks big enough to bring the financial system crashing down, Deutsche Bank was the riskiest. |