RPT-Europe shares extend losses as banks tumble

(Repeats to additional subscribers with no changes to text)

LONDON, Nov 3 (Reuters) - European shares extended losses on Tuesday morning, with banks the biggest fallers after disappointing results from UBS (UBSN.VX: Quote, Profile, Research) and a shake-up of UK banks.

At 1007 GMT, FTSEurofirst 300 index of leading European shares was down 1.9 percent at 961.61 points, and had hit a day's low of 959.46, the lowest in a month.

Shares in UBS (UBSN.VX: Quote, Profile, Research) fell 5.7 percent, hitting a more than two-month low, after the bank reported larger-than-expected asset outflows for the third quarter. [ID:nL2713325]

Banks were further hit by the shake-up involving the UK's two biggest lenders, Royal Bank of Scotland (RBS.L: Quote, Profile, Research) and Lloyds (LLOY.L: Quote, Profile, Research), down 2.5 and up 2.9 percent respectively. [ID:nL3540088]

BNP Paribas (BNPP.PA: Quote, Profile, Research), Banco Santander (SAN.MC: Quote, Profile, Research) and HSBC (HSBA.L: Quote, Profile, Research) were down between 3.3 and 3.9 percent.

Reporting by Brian Gorman)