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Deutsche Bank, UBS hit as bank fears spark stress signals | Business

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European banking stocks fell sharply on Friday, with Deutsche Bank and UBS knocked by worries that actions by regulators & central banks have not yet contained the worst problems to face the sector since the 2008 global financial crisis. | News24_Business

Financial market stress indicators were also again flashing warning signs more widely, with the euro falling against the dollar and bond yields sinking.

"It has gone through various restructurings and changes of leadership in attempts to get it back on a solid footing but so far none of these efforts appear to have really worked."The pain was spread across the sector, with the index of top European banks falling 5.1% and British banks losing 4%, down for a third straight session.

Shares of major U.S. banks JPMorgan Chase & Co, Wells Fargo and Bank of America fell more than 2% in premarket trade on Friday. Policymakers have stressed the turmoil is different from the global financial crisis 15 years ago, saying banks are better capitalised and funds more easily available. Brokerage group Jefferies cut its recommendation on UBS stock to"hold" from"buy", saying the acquisition of its former rival would change an equity story based on a lower risk profile, organic growth and high capital returns.

 

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