Following a European Union summit in Brussels Friday, German Chancellor Olaf Scholz spoke about Germany's largest lender, trying to calm fears.
Deutsche Bank has turned in 10 straight quarters of profit, however, its past has been plagued by troubles according to"The banking system is very large. And because it's large, there are only so many opportunities. So it ends up being very competitive. And the only way to get ahead is just to take a lot of risk," said Admati.
"Deutsche Bank and Credit Suisse, they're a different animal because they are very global, very, very large. And very, what they call systemic, meaning very connected to a lot...they have their tentacles in a lot of places," said Professor Admati."Deutsche Bank had legal problems, money laundering, fraud, you name it, it just had some of losing businesses," said Admati. "They fund most of what they do, overwhelmingly and in all kinds of complicated ways, with debt.
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European stocks fall as Deutsche Bank sparks another bank routA steep sell-off in banking stocks hit European indexes on Friday as worries about the stability of the financial sector intensified, with Deutsche Bank tumbling as cost of insuring the German bank's debt against the risk of default jumped to a more than four-year high.
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