The German institution is “on everyone’s minds” as the possible next “domino to fall,” according to one analyst.
Deutsche Bank’s stock plunged Friday as the market hones in on the German firm as the next major bank at risk in the wake of long-time rival Credit Suisse’s collapse and similar events stateside.Frankfurt-listed shares of Deutsche Bank dropped 9% by 9:50 a.m. ET, now down 27% since March 8, when confidence in the international banking system began to crumble.
The collapse in share prices came as investors holding Deutsche Bank-issued debt securities stoked panic, with the rate of Deutsche Bank’s five-year credit default swaps surging to its highest level since 2019 . "We are still on edge waiting for another domino to fall, and Deutsche is clearly the next one on everyone's minds ,” IG Group analyst Chris BeauchampThe spillover effects of the confidence shakeup were felt in European and American markets.
Shares of UBS, the Swiss bank which rescued Credit Suisse on Sunday, fell 5%, while British and French giants HSBC and BNP Paribas slipped 3% and 5%, respectively; the five largest U.S. banks each slid more than 1%, while shares of First Republic, the American bank most often floated as the next institution at serious risk, fell 5%.in 2017 to pay a $7.2 billion fine to the U.S.
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