Shares in Deutsche Bank, Germany's largest lender, fell sharply on Friday, dragging down major European banks as fears about weaknesses in the global financial system send fresh shudders through the markets.
Deutsche Bank shares were off 12.8% in midday trading on the German stock exchange. The drop follows a steep rise in the cost of financial derivatives, known as credit default swaps, that insure bondholders against the bank defaulting on its debts.
Like Credit Suisse, Deutsche Bank is one of 30 banks considered globally significant financial institutions under international rules, so it is required to hold higher levels of capital reserves because its failure could cause widespread losses. Other major European banks also fell, with Germany's Commerzbank down 8.4%, France's Societe Generale down 7.2%, Austria’s Raiffaisen off 7.5% and the soon-to-merge Credit Suisse and UBS down 8.6% and 8%, respectively.
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