Company: Intesa Sanpaolo S.p.A.

Fitch Ratings downgraded on Tuesday its rating on Italy's biggest bank UniCredit and threatened rating cuts on seven other Italian banks and several Spanish and French banks following recent changes in its outlook on euro zone sovereign ratings.

France's Credit Agricole will unveil fresh cutbacks in investment banking, including job cuts and country exits, as the lender ploughs ahead with a back-to-basics strategy sped up by the eurozone debt crisis.