Stoxx, which runs a series of European equity indexes, cut the two banking heavyweights from this index after European trading hours on Monday.

In European morning trading Tuesday, Deutsche Bank's share price was down by 3.5% while Credit Suisse tumbled by more than 6%. Both banks have lost almost half their value this year-to-date, compared to a fall of 8.9% for the Stoxx Europe 50 index.