Hedge Funds Seen Targeting Deutsche Bank in ‘Irrational’ Slide
- German bank pared losses in the afternoon, closing down 8.5%
- Citigroup says trading reflects an ‘irrational market’
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Deutsche Bank AG shares fell and the cost of insuring its debt against default rose in sudden moves that some attributed to hedge funds seeking to profit from the broader turmoil roiling the financial industry.
The German bank’s shares fell as much as 15% before paring losses to end the day down 8.5% in Frankfurt.