Banking fears drag down European and world stocks.
TL;DR Summary
European banking stocks fell on Friday, with the Stoxx Europe 600 Banks index down 5% in morning trade. Shares in Deutsche Bank, UBS, and Credit Suisse also dropped. The falls come after the US Department of Justice (DOJ) reportedly investigated whether staff at UBS and Credit Suisse had helped Russian oligarchs evade Western sanctions. The DOJ had sent subpoenas to those employees before UBS took over Credit Suisse, according to the report.
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