Deutsche Bank's Stock Plummets in Unjustified Selloff, Says Citi.

Deutsche Bank experienced its biggest drop in three years and saw the cost of insuring its debt against default rise in a selloff that Citigroup analysts described as irrational. The bank's announcement to repurchase debt, normally seen as a sign of strength, failed to shore up confidence. The selloff prompted German Chancellor Olaf Scholz to publicly back the lender. The widespread declines undermine hopes among authorities that the government-brokered rescue of Credit Suisse last weekend would stabilize the broader sector.