Signage for HSBC (L) and the Standard Chartered Bank (R) are displayed on the local headquarters of each bank in Hong Kong on April 28, 2020.

anthony wallace/Agence France-Presse/Getty Images

Shares of Europe’s top banks dropped on Monday, after the publication of reports alleging they kept doing business with customers they suspected of money laundering and other wrongdoing.

The report, led by BuzzFeed News and including other media outlets around the world, was on the basis of what are called suspicious activity reports filed by the banks to the U.S. Treasury, that had been gathered for Congressional investigators to look at President Donald Trump’s 2016 campaign. The banks by law aren’t allowed to comment on the SARs they file.

Deutsche Bank DBK, -5.81%, Standard Chartered STAN, -4.70%, Barclays BARC, -6.19%, Commerzbank CBK, -3.57%, Danske Bank DANSKE, -3.12% and HSBC Holdings HSBA, -5.08% were all named in the report, as were several U.S. banks. Deutsche Bank accounted for a majority of the suspicious activity reports in the BuzzFeed trove.

The broader Stoxx Europe 600 SXXP, -2.15% fell 2.1%, with the losses for HSBC proving to be an anchor on the FTSE 100 UKX, -2.89%, which dropped 2.9%. The German DAX DAX, -2.37% and French CAC 40 PX1, -2.33% also fell.

U.S. stock futures ES00, -1.58% fell, with futures on the Dow Jones Industrial Average YM00, -1.83% losing 449 points. Last week, the technology heavy Nasdaq Composite COMP, -1.07% fell 0.6%, while energy and industrial stocks rose.

The death of Supreme Court associate justice Ruth Bader Ginsburg may have market implications, as what is expected to be a hotly contested nomination battle for her replacement could further roil Washington, D.C., which has yet to agree on a new stimulus package or funding beyond the end of September.

Travel stocks in Europe were pressured on worries over the region locking down in response to a new wave of coronavirus cases. British Airways owner International Airlines Group IAG, -12.34% and Ryanair Holdings RYA, -6.50% fell sharply.

Shares of engine maker Rolls Royce RR, -8.32% dropped 9%, after saying it was considering raising up to £2.5 billion in new equity capital.

United Internet UTDI, -23.58% shares tumbled 24%, after Telefónica Deutschland O2D, -3.29% said in negotiations that it would hike wholesale costs. United Internet said it has appealed to the European Commission over the matter.