NYSE:DB – Deutsche Bank Stocks Slump After Sachs, SEC

NYSE:DB – Deutsche Bank Stocks Slump After Sachs, SEC

April 16 (Bloomberg) — Deutsche Bank AG fell the most since July, leading European financial stocks lower, after Goldman Sachs Group Inc. was sued by U.S. regulators for fraud tied to packaging and selling collateralized debt obligations.

Deutsche Bank (NYSE:DB) declined 4.39 euros, or 7.3% in Frankfurt trading, hile Switzerland’s UBS AG declined 2.8 percent and BNP Paribas SA of France retreated 3.8 percent. The 52-member Bloomberg Europe Banks and Financial Services Index fell 2.6 percent, the biggest drop in two months.

All of these declines within the financial sector are being directly impacted by the SEC suing Goldman Sachs for fraud.

At around 10:30 this morning, news hit Wall Street that Goldman Sachs was being sued by the SEC for fraud.

This news sent the market into a dramatic decline as investor’s confidence immediately tanked.