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European Banks Still Ache 10 Years After BNP Roiled World

A decade after the start of the credit crisis, European bank shares lag behind global peers

Wednesday marks a full decade since BNP Paribas SA froze funds that were exposed to U.S. subprime mortgages, an event that in hindsight, signaled the start of the credit crunch that snowballed into the global financial crisis. Though banks around the world are yet to recover, the pain has been particularly severe for lenders on the Euro Stoxx 50 Index, faring about three times worse than U.S. peers.

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