Home / Business / Shares of European banks slide after money laundering allegations; Dow futures slide 300 points

Shares of European banks slide after money laundering allegations; Dow futures slide 300 points

Signage for HSBC (L) and Standard Chartered Bank (R) is displayed at each bank’s local office in Hong Kong on April 28, 2020.

anthony wallace / Agence France-Presse / Getty Images

Shares of major European banks fell Monday after reports were released that they continued to do business with clients suspected of money laundering and other wrongdoing.

The report, led by Buzzfeed News and including other media outlets around the world, was based on what are called suspicious activity reports submitted by banks to the U.S. Treasury, which had been collected for Congressional investigators to review the 2016’s President Donald Trump campaign. Banks by law are not authorized to comment on the communications they present.

German bank

shares fell 4% as his money laundering vulnerabilities were known to his executives, according to the Buzzfeed report. Deutsche Bank said it learned from past weaknesses and said “we are a different bank now.”

Standard Chartered
accused of doing business with a money laundering company for the Taliban, it fell by 3%. The London-based Asia-centric bank said: “The US and UK authorities have publicly acknowledged that the Group has undergone a complete and positive transformation in recent years.” Barclays
Danske Bank

and HSBC Holdings

were also mentioned in the report, as were several US banks.

The wider Stoxx Europe 600

it fell 1.7%, with losses for HSBC proving to be an anchor on the FTSE 100
which fell by 2.3%. The German DAX

and French CAC 40

he also fell.

US Stock Futures

fell, with futures on the Dow Jones Industrial Average

lose 340 points. Last week, the high-tech Nasdaq Composite

it fell by 0.6%, while energy and industrial stocks rose.

On the move in Europe were shares of the engine manufacturer Rolls Royce
which on Friday said it was considering raising up to £ 2.5 billion in new equity.

United Internet

shares plummeted by more than 20% after Telefonica Deutschland

said in the negotiations it would increase wholesale costs. United Internet said it appealed to the European Commission on the matter.

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