Fears over Deutsche Bank’s financial health shook major stock markets across Europe after the bank’s shares nosedived.

Deutsche Bank was the centre of attention last week after it was found that the US Department of Justice suggested a $14 billion fine to settle civil claims regarding its managing of mortgage-backed securities that led to the financial crisis in 2008.

Germany’s largest bank was only one of many financial institutions that were under investigation in relation to the handling of non-credible mortgages prior to the financial crisis. Many of them were banks and they were prosecuted for misleading borrowers about the quality of their loans. Deutsche Bank’s shares decreased by more than 40% since the beginning of 2016 whereas its net income is now only a fraction to what it was twelve months ago. Over the last few months, the bank kept its distance from investing in risky assets and also trimmed its workforce by approximately 10% as part of its efforts to maintain and boost liquidity levels.

The bank’s shares reached lows of under €10 for the first time since 1983 while the bank’s distress weighed on a number of other European banks’ shares. Lloyds, Barclays, and RBS shares subsequently decreased by approximately 4% on early Friday’s trading session. Large French and Italian bank shares also decreased. Consequently, the FTSE 100 on Friday fell as low as 6769 from the previous session’s highs of 6902, while the DAX 30 and CAC were reduced by 0.9% and 3.3% respectively.

Late into Friday’s trading, Deutsche Bank shares reversed back to gains after the bank’s CEO sent a note to employees which said that the bank maintains strong foundations and that external perceptions have not derailed the daily operations. The notable fall of the bank’s shares was mainly caused by rumours that a number of funds initiated proceedings to withdraw their business from the bank. The bank’s share price ended Friday’s trading session from falling as low as €9.90 to ending the week’s session at €11.67.

The fact remains that the Deutsche Bank’s health is not only weighing on its own share price, but also on a number of European banks. The International Monetary Fund (IMF) described it a few months ago as the most dangerous bank in the world and the threat of a massive $14 billion fine keeps investors particularly worried given that its overall market value might not be much larger than that.

It is operating in more than 70 countries and its workforce is about 100,000 employees. However, it is trimming about 10% of that workforce, it is selling its retail operations (Postbank), and is closing offices in a number of countries. With its share price at a 33-year low there are fears about its economic health, but its statement sent a reminder that the bank’s clients are sophisticated investors who appreciate the institution’s stable financial position. It is currently in the process of selling assets to raise finance and meet its obligations, while there are some who say that the US would not want to impose the total amount of the huge fine because it would probably affect some of their own local banking institutions.

Deutsche Bank’s future is still under question as we enter this week but until more information is released, the European stock markets might continue with volatility.