Global Banking Fears Escalate as Shares of Germany's Largest Lender Plummet

 

Shares of Germany's largest lender, Deutsche Bank, have fallen amid global concerns over the banking industry. The bank's shares fell by nearly 7% in one day, marking a decline of almost 30% for the year.

The drop in shares comes amidst concerns about the global banking sector, with investors worried about the potential for a global recession.

Deutsche Bank has been struggling with profitability, with its CEO announcing a plan to cut costs and restructure the bank in order to turn it around.

However, investors remain wary of the bank's prospects, with concerns about the impact of negative interest rates on the bank's revenue.

The drop in Deutsche Bank's share price comes amid a wider sell-off in global financial markets, with investors concerned about the impact of the coronavirus outbreak on the global economy.

As a result, there is a growing sense of unease among investors, with many turning to safe-haven assets such as gold and government bonds.