Bank Stocks Sink, Giving Up the Top Ranking in Europe This Year
- Bank subindex trims year-to-date gain to 9.8%, trailing energy
- Raiffeisen, SocGen fall most on concern over Ukraine tensions
Automated teller machines operated by Raiffeisen Bank International AG.
Photographer: Akos Stiller/BloombergThis article is for subscribers only.
Banks have surrendered their place as Europe’s best-performing sector of 2022 to energy.
The Stoxx 600 Banks Index retreated as much as 4.6% on Monday, with lenders that have the greatest exposure to Ukraine dropping the most. The losses have reduced the industry’s gains for the year to 9.8%, compared with energy, which is up 12% for 2022.