Why Shares of Deutsche Bank, ING Groep, and Commerzbank Fell Today
Shares of several European bank stocks fell Friday as banks with business in Russia begin to see direct or indirect effects of the sanctions imposed on the country. Shares of investment banking giant Deutsche Bank (NYSE: DB) fell almost 10.7%, while Dutch bank ING Groep (NYSE: ING) fell by a little more than 10.7%, and Germany's Commerzbank (OTC: CRZB.Y) was off by nearly 12.5%.
The Financial Times recently reported that Deutsche Bank's key technology centers in Russia, which do critical work on software that helps power the bank's investment banking and corporate banking system, could be cut off. Those tech centers are in Moscow and St. Petersburg; Deutsche Bank employs more than 1,500 people in Russia. These employees, according to Financial Times, not only help create critical software for the bank but also do key maintenance work.
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