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Trouble in Frankfurt
When main trading ended in Frankfurt on Thursday, Deutsche Bank’s shares were 1% up on the day—cause for quiet relief in another jittery week. At close of play in New York four and a half hours later, they were 6.7% down. The catalyst: a Bloomberg report saying that “about ten” hedge funds that use Deutsche’s prime brokerage had moved part of their derivatives holdings elsewhere, to reduce their exposure to Germany’s biggest lender.
Bloomberg noted that “the vast majority” of clients had not budged. Deutsche responded that it was “confident that the vast majority of them have a full understanding of our stable financial position”. But the news dealt another blow to Deutsche’s already battered shares, which have been plumbing 33-year lows. Deutsche has been reeling for a fortnight, since receiving a request for $14 billion from America’s Department of Justice (DoJ) to settle claims that it mis-sold residential-mortgage-backed securities between 2005 and 2007.
A $14 billion legal bill would blow a sizeable hole in …