Lates News

On Friday, the European banking sector plunged sharply, wiping out all gains for the year. The European bank stock index fell by 3%, with many large banks seeing significant drops in their stock prices. Crdit Industriel et Commercial in France dropped by 5.3%, while German banking giants Deutsche Bank and Commerzbank fell by 5.2% and 3.6% respectively. Banco Santander and Banco Exterior de Espaa in Spain also slid by 2.5% and 3.2% respectively, and Italy's UniCredit Bank fell by 3.75%. Barclays Bank dropped by 2.3%. Joachim Klement of Panmure Liberum stated that banks have become the latest victims of concerns surrounding competition in artificial intelligence. "The 'AI loser' theme has now spread to the banking sector. Investors are selling first and asking questions later," Klement said.