slumped on the news, with trading briefly halted and then restarting in Société Générale, BNP Paribas, Monte dei Paschi di Siena and UniCredit after dropping more than 10%.
Slumping banking and insurance stocks sent the FTSE 100 sliding by 2.5% to its lowest level since December last year. However, the Bank of England said the UK banking system was not at risk. The central bank, which is in charge of monitoring financial stability, referred the Guardian to their statement released earlier this week, which said: “The wider UK banking system remains safe, sound, and well capitalised.
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