Shares in Deutsche Bank fell sharply on Friday, dragging down major European banks as fears about weaknesses in the global financial system send fresh shudders through the markets.
Shares in Deutsche Bank, Germany's largest lender, fell sharply on Friday, dragging down major European banks as fears about weaknesses in the global financial system send fresh shudders through the markets.
Like Credit Suisse, Deutsche Bank is one of 30 banks considered globally significant financial institutions under international rules, so it is required to hold higher levels of capital reserves because its failure could cause widespread losses. European officials say banks in the European Union's regulatory system — unlike Credit Suisse — are resilient and have no direct exposure to Silicon Valley and little to Credit Suisse.
International negotiators agreed to those rules following the 2008 global financial crisis triggered by the failure of U.S. investment bank Lehman Brothers. U.S. regulators exempted midsize banks, including Silicon Valley Bank, from those safeguards.
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