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 ...
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