Bloomberg Law
March 24, 2023, 4:03 PM

Deutsche Bank Drops in Selloff Citi Describes as Irrational (1)

Steven Arons
Steven Arons
Bloomberg News
Macarena Muñoz
Macarena Muñoz
Bloomberg News
Nicholas Comfort
Nicholas Comfort
Bloomberg News

Deutsche Bank AG fell by the most in three years and the cost of insuring its debt against default rose, in a selloff that Citigroup Inc. analysts described as irrational.

The bank, which has staged a recovery in recent years after a series of crises, was the biggest loser among large European bank stocks Friday after announcing a plan to repurchase debt, a move normally seen as a sign of strength. Analysts struggled to explain the selloff, which prompted German Chancellor Olaf Scholz to publicly back the lender.

“We view this as an irrational market,” Citigroup Inc. analysts including Andrew ...



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