Deutsche Bank shares tank below 10 euros for first time

By: |
Berlin | Published: September 30, 2016 2:27:41 PM

Deutsche Bank shares have fallen sharply in early trading following reports that hedge funds are moving some of their business elsewhere.

Authorities in the United States are seeking billion from Deutsche Bank to settle legal claims over its sales of mortgage securities in the run-up to the global financial crisis in 2008. (Reuters)Authorities in the United States are seeking billion from Deutsche Bank to settle legal claims over its sales of mortgage securities in the run-up to the global financial crisis in 2008. (Reuters)

Deutsche Bank shares have fallen sharply in early trading following reports that hedge funds are moving some of their business elsewhere.

The bank’s stock fell 8 percent Friday, dipping below 10 euros for the first time.

Authorities in the United States are seeking $14 billion from Deutsche Bank to settle legal claims over its sales of mortgage securities in the run-up to the global financial crisis in 2008.

Bloomberg reported late Thursday that about 10 hedge funds have taken measure to reduce risks associated with Deutsche Bank amid concern that it might struggle with the penalty.

The bank says it is not seeking government help and has taken steps to sell a subsidiary.

Worries over the bank were central to the 2 percent early drop on Germany’s DAX index.

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