BIG Selloff In European Banks

Banking stocks are feeling the brunt of today’s European downturn, as the threat of contagion remains.

Quick brief: the worry is that banks in Europe hold too much sovereign European debt, and if things were to get worse in the eurozone, they would not be paid back for those losses. This would hit banks’ capital reserves.

In France:

BNP Paribas, down 6.07%

Credit Agricole, down 5.78%

Societe Generale, down 7.36%

In Spain:

Banco Santander, down 6.1%

In the UK:

Barclays PLC, down nearly 4.8%

In Germany:

Deutsche Bank, down around 2.9%

In the U.S.:

Citigroup, down 3.18%

JP Morgan Chase, down 2.18%

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