|
GENEVA (AP) - European bank stocks, led by shares in UBS AG, fell sharply on Monday on concerns about a deepening global financial crisis in the aftermath of a stunning fall at Bear Stearns.
UBS, Switzerland's largest bank, plunged 9.1 percent to 25.86 Swiss francs ($26) in Zurich. UBS has been roiled by debt holdings and writedowns linked to the U.S. subprime mortgage market, and its stock has dropped over 62 percent in the last 12 months.
Fellow bank Credit Suisse slipped 5.1 percent, while Germany's Deutsche Bank declined 4.3 percent in Frankfurt, even as some analysts said they believed these big banking institutions were less vulnerable to the liquidity fears that brought down Bear Stearns.
|