Deutsche Bank Shares Drop Amid Global Jitters Over Banks

FRANKFURT, Germany (AP) — Shares in Deutsche Bank, Germany’s largest lender, have fallen sharply and dragged down major European banks as fears about the global financial system send fresh shudders through the market. Deutsche Bank closed down 8.5% on the German stock exchange Friday after falling as much as 14%. That followed a steep rise in the cost to insure bondholders against the bank defaulting on its debts, known as credit default swaps. The new turmoil in the global financial system comes after the collapse of two U.S. banks and a government-orchestrated takeover of Swiss lender Credit Suisse by rival UBS. Asked whether Deutsche Bank could be the next Credit Suisse, Scholz said, “There is no reason to worry.”