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Deutsche Bank (DB) Stock Hits New 52-Week Low
Shares of Deutsche Bank (DB - Free Report) hit a new 52-week low of $12.43 during afternoon trading on Tuesday. The German banking giant continues to struggle just days after the U.S. Department of Justice said it was considering a fine of as much as $14 billion to penalize DB for its role in the 2008 financial crisis.
The company is also catching flack for its decision to secure $5.5 billion worth of loans in an effort to boost its capital. The new debt may keep Deutsche Bank alive for the time being, but investors are worried about its long-term consequences.
After mulling the Justice Department’s decision over the weekend, analysts returned on Monday with renewed bearish sentiment on Deutsche Bank. Credit Suisse opened the week with a downgraded “Underperform” rating for DB stock.
Interestingly enough, Deutsche Bank publicly responded to the DoJ by saying it had not intention of paying $14 billion for its part in the subprime mortgage crisis. The Justice Department often starts high with its fines before reaching a lower settlement later.
For more on the latest with DB, check out our own Dave Bartosiak’s take on the news:
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