New York-listed shares of Deutsche Bank reached an all-time low on Thursday. On Friday, Europe-listed shares tanked over 8 percent, hitting a record low, before paring some losses. The bank, which is Germany's largest by assets, is in the spotlight after the U.S. Department of Justice suggested it pay $14 billion to settle a number of investigations and rumors swirled that the bank might need a bailout.
The bank's difficulties highlighted concerns about the German and broader euro zone banking sector. On Friday, European shares of Deutsche's rival, Commerzbank, fell as much as 6.5 percent after it announced jobs cuts and plan to eliminate its dividend on Thursday. Deutsche and Commerzbank were the worst-performing major banks stocks in Europe on Friday, but shares in almost every bank listed on the STOXX 600 fell.