European banking stocks slumped on Monday as investors reeled from the historic weekend takeover of Credit Suisse Group AG that will wipe out a class of bondholders.
Under the terms of UBS Group AG’s acquisition of Credit Suisse, holders of securities known as additional tier 1 bonds will be wiped out, potentially sending the $275 billion market for bank funding into a tailspin. UBS shares fell 8.6 per cent while Credit Suisse plunged 58 per ...
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
European stocks rise with US futures as calm returnsTraders return to risk markets as steps to shore up system boost confidence
Read more »