European bank shares sink after Credit Suisse buyout

Shares in European banks sank on Monday despite a buyout of Credit Suisse by Swiss lender UBS aimed at preventing a global banking crisis.

The sector’s Stoxx Europe 600 Banks index was down more than five percent in morning deals, with French giants BNP Paribas and Societe Generale falling around seven percent, Germany’s Deutsche Bank shedding more than nine percent and Britain’s Standard Chartered off almost five percent.