All the work and effort in Italy has come to nothing and Gonzalez is going to be under huge pressure to come up with a Plan B. BBVA will now have to look elsewhere abroad, and it needs to do it quickly.

Lloyds is rising on speculation that BBVA will make a bid. There's been talk of a tie up between the two for ages. BBVA pulling out of BNL is going to reinforce that rumor.