The weekend break wasn't of any help for financial stocks, particularly Europe's largest banks. The British pound fell to a
fresh multi-decade low of $1.3210 early Monday morning and dragged the banking sector with it.
By mid-morning in London's trading session, shares of Barclays PLC (ADR) (NYSE: BCS) and Royal Bank of Scotland Group PLC (NYSE: RBS) were both halted after falling more than 10 percent.
Barclays' U.S.-listed issue hit a multi-decade low of $8.13 on Friday, but fell an additional 24 percent during the pre-market
trading session at $6.74. The same can be said for Royal Bank of Scotland as the U.S.-listed issue hit a multi-decade low of $5.41
on Friday and had fallen a similar 24 percent to trade at $5.43.
Other European-based banks were also trading lower during Monday's U.S.-pre market trading session. Shares of Deutsche
Bank AG (USA) (NYSE: DB) were lower by nearly 10
percent at $13.36. Similarly, shares of Credit Suisse Group AG (ADR) (NYSE: CS) were lower by a similar 10 percent at $10.36.
Both stocks also hit multi-decade lows on Friday.
No Relief For American Banks
The Financial Select Sector SPDR Fund (NYSE: XLF) was trading lower by around 2 percent early Monday morning. Most individual
U.S.-based banks were lower by a similar percentage point.
Shares of Morgan Stanley (NYSE: MS) were
lower by 2.81 percent at $23.83.
Shares of Citigroup Inc (NYSE: C) were lower
by 2.48 percent at $39.30.
Shares of Bank of America Corp (NYSE: BAC)
were lower by 2.31 percent at $12.70.
Shares of JPMorgan Chase & Co. (NYSE: JPM)
were lower by 2.08 percent at $59.60.
Shares of Goldman Sachs Group Inc (NYSE: GS)
were lower by 1.94 percent at $139.11.
Shares of Wells Fargo & Co (NYSE: WFC) were
lower by 1.77 percent at $44.90.
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