March 16, 2020 / 8:20 AM / 3 months ago

UK bank shares tumble on global recession fears

FILE PHOTO: Canary Wharf and the City of London financial district are seen from an aerial view in London, Britain, August 8, 2019. REUTERS/Hannah McKay

LONDON (Reuters) - UK bank shares took fresh tumbles on Monday after a slew of central bank actions failed to shore up investor confidence in the ability of policymakers to defend the global economy from global recession in the face of the coronavirus pandemic.

Shares in Britain’s largest domestic lender Lloyds Banking Group (LLOY.L) were trading down 6.7% at 0810 GMT, while rival lender Royal Bank of Scotland (RBS.L) saw its stock slide by 4%.

Europe’s largest bank by assets HSBC (HSBA.L) was trading down 2.5% while Barclays (BARC.L) plunged 8.1%.

Reporting By Sinead Cruise, editing by Carolyn Cohn

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