U.S. Markets closed

Deutsche Bank Shares Hit Record Low as Sewing Strategy Fails to Win Confidence

Martin Baccardax

shares fell to the lowest level on record Wednesday as investors continue to question the health of Europe's second-largest lender and the turnaround plans of new CEO Christian Sewing. The latest move lower comes amid ongoing questions over its ability to generate profits in a low interest rate environment that pressures margins while its funding and borrowing costs rise follow a recent warning from Standard & Poor's that put its credit ratings on watch for a potential downgrade. Deutsche Bank shares were marked 2% lower at €9.02 each in Frankfurt, after hitting a record low of €8.76 each, and move that takes its year-to-date decline to around 44% and values Germany's biggest bank at around €22 billion ($25.5 billion).