European Bank Stocks Plummet Amid AI Concerns

On February 14, European bank stocks experienced a significant decline, erasing gains made earlier in the year. According to Jin10, the European bank stock index fell by 3%, with several major banks seeing notable drops in their share prices. Société Générale in Paris decreased by 5.3%, while German banking giants Commerzbank and Deutsche Bank fell by 5.2% and 3.6%, respectively. Spanish banks Santander and BBVA saw declines of 2.5% and 3.2%, and Italy's UniCredit dropped by 3.75%. Barclays also experienced a 2.3% decrease. Joachim Klement from Panmure Liberum commented that banks have become the latest victims of concerns surrounding artificial intelligence competition. He noted that the theme of 'AI losers' has spread to the banking sector, with investors opting to sell first and ask questions later.