Despite the fact that the German Chancellor Olaf Scholz putting effort to cool the investors on Friday saying that there was “no reason to be concerned” about Deutsche Bank, the EUROPE banking sector is feeling the pressure. Germany’s biggest bank, Deutsche Bank (DB), plunged as much as 14.5% in early trade.
Europe’s Stoxx Europe 600 Banks index, which tracks 42 big EU and UK banks, closed 3.8% lower. The index is down by 18% from late February. London’s bank-heavy FTSE 100 index closed down 1.3%- Reported by CNN business.