Man Group reports that the risk of defaults is spreading to European banks. Man Group believes that the turmoil in the banking sector, which is shaking companies like New York Community Bancorp, will not be limited to the USA. Banks are suffering significant losses and are coming under close scrutiny; it is possible that some “will declare defaults on both sides of the Atlantic.”
Shares of the German bank PBB are falling due to real estate problems and concerns about the impact of the US commercial real estate market on the bank. The shares have dropped 25% in a month.