Allianz's El-Erian on global corruption accusations against Big Banks

Bank stocks, including Dow component J.P. Morgan Chase, sank in Monday's premarket as leaked U.S. government files showed that banks reported to regulators $2 trillion of suspicious activity over nearly two decades. Germany's largest lender Deutsche Bank appears to have facilitated the most transactions by far in dollar amounts, followed by J.P. Morgan, the U.K.'s Standard Chartered and Bank of New York Mellon. Mohamed El-Erian, chief economic advisor at Allianz, joins "Squawk Box" to discuss.