Shares of “Deutsche Bank” closed down by 8.5% on the Frankfurt Stock Exchange

Shares in Deutsche Bank, Germany’s largest, closed sharply lower Friday, amounting to 8.5%, as the high cost of insuring against default risks raised concerns about the resilience of European banks.

The stock closed at a loss of 8.53%, settling at 8.54 euros, after losing as much as 14% during the day, in the third consecutive session of declines on the Frankfurt Stock Exchange. Its competitor Commerzbank lost 5.45%, down to 8.88 euros.