Irish banks fall on Citigroup warning

Shares in Europe's banks fell for a third straight day today.

Shares in Europe's banks fell for a third straight day today.

The DJ Stoxx European banking index, which tracks European bank stocks, was down 2.4 per cent.

On the Irish market, Allied Irish and Bank of Ireland were down over 2 per cent to €16.10 and €11.51 respectively. Anglo-Irish Bank was down over 3 per cent to €10.75, while Irish Life and Permanent was down 31 cents to €13.77.

The biggest losers internationally included Britain's Barclays, down 4.3 per cent at 515 pence after dipping below 500p for the first time in over three years.

Royal Bank of Scotland fell 3.8 per cent to 457.5p after hitting its lowest level since March 2003.

The fall came amid banks' fears over their exposure to big losses after the head of Citigroup resigned and the US bank warned it might write off another $11 billion.

Swiss banks were also hit, with shares in UBS falling 4.4 per cent and Credit Suisse was down 3 per cent.

  • Join The Irish Times on WhatsApp and stay up to date

  • Sign up for push alerts to get the best breaking news, analysis and comment delivered directly to your phone

  • Listen to In The News podcast daily for a deep dive on the stories that matter