Stoxx Europe 600 Banks Index falls 0.7% in early trade

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Deutsche Bank slides 6.2% after warning of $550 million Q1 headwind

Shares of Deutsche Bank AG slumped 6.2% on Wednesday after the lender’s finance chief warned that headwinds will reduce first-quarter revenue by 450 million euros ($550 million). The bank’s chief financial officer James von Moltke said a stronger euro would shave off about 300 million euro in revenues, while higher funding costs would be a 150-million-euro drag, according to media reports. Deutsche Bank shares are now down 25% year-to-date and off 7.3% for the week so far. In comparison, the wider Stoxx Europe 600 Banks Index has lost 3% on 2018 so far and slipped 1.6% this week.

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