George Soros and Soros Fund Management LLC took a large short position on Deutsche Bank AG (DB) shares on Friday, the day after Britain voted to leave the European Union.

According to filings, Soros Fund Management took a short position of 0.51% of Deutsche Bank's outstanding shares, which equated to around 7 million shares worth $7.5 billion as reported by German newspaper Die Welt. (See also: Soros Failed to Short Pound for Brexit.)

Deutsche Bank's Huge Drop

Deutsche Bank shares closed Friday at €13.42 and on Monday fell to €12.12 , down 9.6% from Friday's close, a level not seen since the global financial crisis. The fall in Deutsche Bank's shares is part of a wider selloff in the banking sector since the Brexit vote, which saw U.K. based banks hit hardest. Both shares of Barclays Bank PLC and Royal Bank of Scotland Group PLC were suspended on Monday morning when automatic circuit breakers halted trading, which happens when a share price falls more than 8%. Both banks ended the day down more than 10%.

Deutsche Bank shares have been trading at levels not seen since the 2008/09 financial crisis

Banks' Two-Day Debacle

The UK banking sector experienced its worst two-day fall on record as fears financial services, which make up a large part of U.K. exports to the EU, would leave to other European banking hubs.

The news of Soros' short position on Deutsche Bank comes on the back of reports he did not short the British pound prior to the vote despite predicting a large sell off if the Leave vote did prevail. "It is reasonable to assume, given the expectations implied by the market pricing at present, that after a Brexit vote the pound would fall by at least 15% and possibly more than 20%," Soros said in a note to the WSJ. Soros, who famously made $1 billion betting against the British pound in 1992 had long positions in gold and gold stocks leading into the Brexit vote as his overall view of market sentiment remains bearish.