Red and raw from a bank bruising

Bank shares around the globe are falling as investors bet panic over Europe's debt crisis will not only trigger runs on the continent's banks but also hit those in the US.

Bank shares were badly bruised overnight, as investors worried that major global financial institutions will suffer heavy losses as a result of southern Europe’s growing financial instability.

In the United States, investors have been aggressively buying bearish puts on big US banks, such as Goldman Sachs, JP Morgan Chase and Morgan Stanley, in the expectation that they will be singed by Europe’s spreading debt crisis.

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