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MarketScreener Homepage  >  Equities  >  Xetra  >  Deutsche Bank    DBK   DE0005140008

DEUTSCHE BANK (DBK)
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Deutsche Bank : Shares Dive on Investor Worries--Update

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09/30/2016 | 11:06am CEST
By William Wilkes 

FRANKFURT-- Deutsche Bank AG shares nose dived early Friday, hitting new multiyear lows on news some major clients have moved to withdraw billions of dollars from the bank because of concerns about its stability.

"It's a pitch black start to the last day of the quarter for both Deutsche Bank and the German stock market," said Jochen Stanzl, analyst at CMC Markets in Frankfurt.

At 0930 GMT, Deutsche Bank shares were trading down 5.5% at EUR10.28. The lender's stock has fallen more than 50% this year.

"There's next to no one who wants to catch a falling knife," said a Frankfurt trader.

Deutsche Bank news weighed on markets in the U.S. and Asia overnight and hit European banking shares early Friday. The Eurostoxx banking index traded 3.7% lower midmorning at 88.17 points.

The rout in Deutsche Bank shares has picked up steam in past sessions, after The Wall Street Journal reported two weeks ago that the U.S. Justice Department had proposed it pay $14 billion to settle a mortgage-securities investigation. The bank has said it was unlikely to pay "anywhere near" that amount.

This week major clients have taken steps to pull billions in securities or cash from the bank, people close to the clients and the bank said late Thursday. Institutions reducing their exposure include AQR Capital Management LLC, Capula Investment Management LLP, Citadel LLC, Luxor Capital Group LP, Magnetar Capital LLC and Millennium Management LLC, these people said.

The amounts of assets either withdrawn or set for withdrawal are in the billions of dollars, a fraction of the hundreds of billions of dollars the bank has in deposits.

Deutsche said in a statement it is confident the vast majority of investors understand its stable financial position and strategy progress.

Rob Copeland

and Jenny Strasburg contributed to this article.

Stocks mentioned in the article
ChangeLast1st jan.
DEUTSCHE BANK 0.56% 9.914 Delayed Quote.-37.55%
EURO STOXX 50 0.37% 3358.46 Delayed Quote.-4.50%
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Financials (€)
Sales 2018 25 863 M
EBIT 2018 2 085 M
Net income 2018 607 M
Debt 2018 -
Yield 2018 1,47%
P/E ratio 2018 36,66
P/E ratio 2019 11,79
Capi. / Sales 2018 0,79x
Capi. / Sales 2019 0,79x
Capitalization 20 490 M
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Technical analysis trends DEUTSCHE BANK
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Mean consensus UNDERPERFORM
Number of Analysts 28
Average target price 10,2 €
Spread / Average Target 2,8%
EPS Revisions
Managers
NameTitle
Christian Sewing Chief Executive Officer
Karl von Rohr Co-President & Chief Administrative Officer
Garth Ritchie Co-President & Co-Head-Corporate & Investment Bank
Paul Achleitner Chairman-Supervisory Board
Frank Kuhnke Chief Operations Officer
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