Deutsche Bank rises as clients and rivals show support

Shares in troubled Deutsche Bank rose as much as 3.5% yesterday after major clients and even rivals voiced support for the lender, fearing contagion after concern over its future last week sent the stock to a record low.

The German bank’s shares are 47% down in the year to date and hit a 30-year low late last week. Investors have lost trust in Deutsche Bank as hopes have faded for a swift deal with US authorities over a multibillion-dollar penalty.

The German bank is throwing its energies into reaching a settlement before next month’s US presidential election, with the US Department of Justice demanding a fine of up to $14bn (€12.5bn) for mis-selling mortgage-backed securities.