UPDATE 1-Bankers plot course as sovereign debt clouds loom

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* Frankfurt hosts two-day 'Banks in Transition' conference

* Banks eye capital and funding concerns, job cuts (updates with weak bank shares)

FRANKFURT, Sept 5 (Reuters) - Top European bankers gather in Frankfurt for a two-day conference on Monday to share insights on whether the latest sovereign debt crisis squall could yet turn into a financial market storm.

Predictions of dark clouds over the German city's annual Banks in Transition conference are a fitting backdrop for the gloom in the capital markets, where fears over sovereign defaults in euro area periphery countries have sent investors scurrying for shelter, halting the takeovers and stock market listings that are the lifeblood of the bloc's investment banks.

Bank shares dropped sharply early on Monday towards the two-year lows they reached in August, as if to confirm the gathering gloom in the sector. The STOXX Europe 600 Banks index was down 2.99 percent at 0725 GMT, leading European shares lower.

Deutsche Bank (DBKGn.DE) Chief Executive Josef Ackermann will set the tone on day one of the conference with a review of the macroeconomic and regulatory changes that many bankers say are crimping banks' ability to earn their way back to health.

Germany's largest lender and global investment banking player has already warned that reaching its goal of 6.4 billion euros ($9.1 billion) in pretax profit for this year was becoming more difficult and required a quick and sustained resolution of the European sovereign debt crisis.

The crisis has kept banks hostage to market concerns about their capital strength and access to funding, concerns that were stoked again last week when the International Monetary Fund said Europe's lenders needed urgent recapitalisation.

A European source told Reuters that the IMF saw a capital shortfall of 200 billion euros ($284 billion) among European lenders.

The chief executives of Commerzbank , Societe Generale and UniCredit will also set out their visions for the way forward in difficult terrain.

As the prospects recede for a near-term return of confidence, some major lenders, including Barclays , HSBC , Goldman Sachs , Credit Suisse and UBS , have begun to slash tens of thousands of high-paying financial sector jobs.

The chief executive of JP Morgan's investment bank, Jes Staley, will give the view from the other side of the Atlantic.

Deutsche's Ackermann may also face questions over a report that securities packaged by his bank are among half a dozen deals being examined by Britain's Serious Fraud Office (SFO).

($1 = 0.704 Euros) (Reporting by Jonathan Gould; Editing by Jon Loades-Carter and Andrew Callus)

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Moody's cuts Greek bank ratings after sovereign move

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ATHENS, June 3 | Fri Jun 3, 2011 3:24am EDT

ATHENS, June 3 (Reuters) - Ratings agency Moody's Investors Service cut the ratings of eight Greek banks on Friday following a downgrade of the country's sovereign rating further into junk territory earlier in the week.

Moody's cut Greece's sovereign rating by three notches to Caa1 from B1 on Wednesday.

It said the rationale behind Friday's action was the rising likelihood of a sovereign debt restructuring.

"In the adverse scenario of a sovereign debt restructuring, Greek banks would be directly impacted via a reduction in the value of their Greek government bond portfolios, which would significantly weaken their capitalisation metrics," it said.

The banks affected are National Bank of Greece (NBGr.AT), cut to B3 from Ba3, plus EFG Eurobank (EFGr.AT), Alpha Bank (ACBr.AT) and Piraeus Bank (BOPr.AT), which were all downgraded to B3 from Ba3.

Moody's also cut the rating of ATEbank (AGBr.AT) and Attica Bank (BOAr.AT) to B3 from B1, with Emporiki (CBGr.AT) and Geniki (GHBr.AT) both cut to B1 from Baa3.

The agency said all of the banks' deposit and debt ratings have a negative outlook, in line with the negative outlook on the sovereign. (Reporting by George Georgiopoulos; editing by David Stamp and Catherine Evans)

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ATHENS, June 3 | Fri Jun 3, 2011 3:24am EDT

ATHENS, June 3 (Reuters) - Ratings agency Moody's Investors Service cut the ratings of eight Greek banks on Friday following a downgrade of the country's sovereign rating further into junk territory earlier in the week.

Moody's cut Greece's sovereign rating by three notches to Caa1 from B1 on Wednesday.

It said the rationale behind Friday's action was the rising likelihood of a sovereign debt restructuring.

"In the adverse scenario of a sovereign debt restructuring, Greek banks would be directly impacted via a reduction in the value of their Greek government bond portfolios, which would significantly weaken their capitalisation metrics," it said.

The banks affected are National Bank of Greece (NBGr.AT), cut to B3 from Ba3, plus EFG Eurobank (EFGr.AT), Alpha Bank (ACBr.AT) and Piraeus Bank (BOPr.AT), which were all downgraded to B3 from Ba3.

Moody's also cut the rating of ATEbank (AGBr.AT) and Attica Bank (BOAr.AT) to B3 from B1, with Emporiki (CBGr.AT) and Geniki (GHBr.AT) both cut to B1 from Baa3.

The agency said all of the banks' deposit and debt ratings have a negative outlook, in line with the negative outlook on the sovereign. (Reporting by George Georgiopoulos; editing by David Stamp and Catherine Evans)

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ATHENS, June 3 | Fri Jun 3, 2011 3:24am EDT

ATHENS, June 3 (Reuters) - Ratings agency Moody's Investors Service cut the ratings of eight Greek banks on Friday following a downgrade of the country's sovereign rating further into junk territory earlier in the week.

Moody's cut Greece's sovereign rating by three notches to Caa1 from B1 on Wednesday.

It said the rationale behind Friday's action was the rising likelihood of a sovereign debt restructuring.

"In the adverse scenario of a sovereign debt restructuring, Greek banks would be directly impacted via a reduction in the value of their Greek government bond portfolios, which would significantly weaken their capitalisation metrics," it said.

The banks affected are National Bank of Greece (NBGr.AT), cut to B3 from Ba3, plus EFG Eurobank (EFGr.AT), Alpha Bank (ACBr.AT) and Piraeus Bank (BOPr.AT), which were all downgraded to B3 from Ba3.

Moody's also cut the rating of ATEbank (AGBr.AT) and Attica Bank (BOAr.AT) to B3 from B1, with Emporiki (CBGr.AT) and Geniki (GHBr.AT) both cut to B1 from Baa3.

The agency said all of the banks' deposit and debt ratings have a negative outlook, in line with the negative outlook on the sovereign. (Reporting by George Georgiopoulos; editing by David Stamp and Catherine Evans)

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