Global bank shares tumble after emergency rescue of Credit Suisse

Falling prices in Asia and Europe drag down FTSE by 1.5% as UBS plunges 12%

Banking shares fell in London and across Europe on Monday after the emergency rescue of Credit Suisse by rival Swiss bank UBS failed to calm markets.

In the UK, the FTSE 100 was down 1.5% or more than 110 points, dragged down by London-listed banks. Natwest, Barclays and Standard Chartered were all down more than 7%, while HSBC and Lloyds also fell about 5% in early trading.