Banking, finance, and taxes
EU Banks Getting in Trouble Again (BCS, IRE, AIB, NBG, BBVA, STD, RBS, LYG, DB, UBS, CS)
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Nearly every stock and ADR/ADS of European banking stocks are lower so far on Tuesday over concerns over debt levels and downside levels of recent stress tests not factoring in the right risks in the European banks. The Wall Street Journal has said that the stress tests understated their exposure to European sovereign debt and unclear disclosures by many of those banks make a real gauge impossible.
Barclays PLC (NYSE: BCS) is down after a surprise CEO resignation by John Varley and he will be replaced by investment banking head Bob Diamond in March. We are seeing key drops in the PIIGS: Bank of Ireland (NYSE: IRE); Allied Irish Banks, plc (NYSE: AIB); National Bank Greece AS (NYSE: NBG), Banco Bilbao Viscaya Argentaria (NYSE: BBVA); and in Banco Santander, S.A. (NYSE: STD). Other drops in the U.K include Royal Bank of Scotland Group plc (NYSE: RBS) and Lloyds Banking Group plc (NYSE: LYG). Deutsche Bank AG (NYSE: DB) got hammered in Germany; and even Swiss giants UBS AG (NYSE: UBS) and Credit Suisse Group (NYSE: CS) are having their day in the rain.
We have a spreadsheet snapshot below showing the drops:
| European Bank ADR/ADS | ADR$ | $ Change | % Change | 52-Week Range |
|---|---|---|---|---|
| Bank of Ireland | $3.74 | Down 0.29 | Down 7.20% | $3.10 – $20.18 |
| Allied Irish Banks, plc | $1.99 | Down 0.07 | Down 3.40% | $1.91 – $10.42 |
| National Bk Greece AS | $2.62 | Down 0.17 | Down 6.09% | $2.11 – $8.37 |
| Banco Bilbao Viscaya Argentaria | $12.43 | Down 0.48 | Down 3.72% | $8.65 – $19.78 |
| Banco Santander, S.A. | $12.29 | Down 0.39 | Down 3.08% | $8.65 – $17.89 |
| Barclays plc | $19.17 | Down 1.11 | Down 5.47% | $15.36 – $25.68 |
| Royal Bank of Scotland Group plc | $14.09 | Down 0.46 | Down 3.16% | $10.28 – $14.75 |
| Lloyds Banking Group plc | $4.43 | Down 0.10 | Down 2.19% | $3.10 – $20.18 |
| Deutsche Bank AG | $62.62 | Down 1.99 | Down 3.08% | $54.14 – $84.93 |
| UBS AG | $17.53 | Down 0.52 | Down 2.88% | $12.26 – $19.32 |
| Credit Suisse Group (CS) | $44.77 | Down 1.83 | Down 3.93% | $36.36 – $60.08 |
JON C. OGG
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