Global Banks Tumble on Concerns About Growth, Sovereign Credit
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European banks dropped to a two-year low and led a plunge in financial stocks around the world on growing fear about faltering growth and the creditworthiness of countries such as Ireland and Italy.
The 46-member Bloomberg Europe 500 Banks Index dropped 4.2 percent to its lowest since April 2009. The KBW Bank Index of 24 U.S. financial stocks slid 5.3 percent in New York, the biggest percentage decline since July 2010.