Shares of Germany's Deutsche Bank fell about 14% at one point during the trading session on Friday following an increase in credit default swaps Thursday night.
The Frankfurt-list stock recovered to close 8.6% lower for the day. Deutsche Bank has lost 25% of its value since the beginning of the month.
- Investors still have concerns about contagion risk following the sudden collapse of U.S.-based Silicon Valley Bank and the rushed rescue of Credit Suisse.
- Shares in major European banks all declined on Friday.
- Deutsche Bank's German rival Commerzbank fell 9%, while Credit Suisse, Societe Generale, and UBS each fell by more than 7%.
- Barclays and BNP Paribas both fell by more than 6%.
- German Chancellor Olaf Scholz dismissed comparisons between Deutsche Bank and Credit Suisse at a summit in Brussels on Friday.
- Chancellor Scholz said Deutsche Bank has fundamentally modernized and reorganized its business and is a very profitable bank, adding there was no reason for concern.
