Subprime ripple fears drag European bank shares down

02/1/2008 | Reuters

Shares in European banks plummeted following a warning from Switzerland's banking regulator that Credit Suisse and UBS may face additional writedowns. Investors worry that subprime-related losses will spread to other credit sectors. "Risks today are no longer limited to subprime mortgages. They are now spilling over into credit cards, retail and commercial loans," said Daniel Zuberbuehler, director of the Swiss Federal Banking Commission.

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