International markets were mixed Monday. European stocks slumped as financial institutions reported losses from Bernard Madoff's
alleged $50 billion Ponzi scheme. The pan-European FTSEurofirst 300 index was down 2.79 at 4277.56. In Asia, stocks rose on hopes for a U.S. auto bailout. The Nikkei 225 Average finished up 428.79 at 8664.66. Most financial institution stocks were down.
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HSBC Holdings plc sunk after the bank confirmed it has
$1 billion at risk in funds invested with Madoff. Barclays plc sunk after rumors circulated that the bank was facing losses to the
alleged $50 billion fraud, but reports are that losses are "minimal." BNP Paribas SA
dropped after a Belgian court suspended its plans to purchase Fortis SA/NV assets for $19.5 billion. Plus, the bank said it could lose €350 million ($468
million) from indirect exposure to Madoff's scheme. Mitsubishi UFJ Financial Group Inc. was down. The banks is rumored to be the
top bidder for Citigroup Inc.'s NikkoCiti Trust & Banking Corp. Lloyd TSB Group plc's stock is down. Peter Cummings, head of corporate banking at HBOS plc, announced he will
step down from the bank in January after its merger with Lloyds TSB.
- Maria Woehr
Troubled International Banks
Prices at 12:00 pm EDT |
| Name |
Open |
Price at
12:00pm |
Change |
Mkt cap |
| UBS |
12.38 |
12.25 |
-0.21 |
34.75B |
| Barclays plc |
155 |
143.90 |
-4.10 |
12.04B |
| BNP Paribas SA |
39.4 |
39.40 |
-4.40 |
35.25B |
Deutsche Bank AG
|
37.54 |
37.04 |
0.83 |
20.21B |
| Royal Bank of Scotland Group plc |
17.15 |
16.67 |
-0.19 |
32.88B |
| Royal Bank of Canada |
34.95 |
34.48 |
-0.32 |
46.17B |
| HSBC Holdings plc |
731 |
724.00 |
-9.00 |
87.67B |
Lloyds TSB Group plc
|
133 |
124.50 |
-5.40 |
7.53B |
| Standard Chartered plc |
767.5 |
741.50 |
-4.00 |
14.05B |
| Toronto-Dominion Bank |
41.15 |
40.42 |
-1.22 |
34.20B |
| Mitsubishi UFJ Financial Group Inc. |
5.53 |
5.48 |
-0.02 |
63.39B |
Source: The Deal |
