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By Bloomberg

European stocks were little changed, paring a drop, as Deutsche Bank AG fell and HSBC Holdings Plc gained.

The Stoxx Europe 600 Index added less than 0.1 percent to 408.69 at 11:31 a.m. in London, having advanced 0.4 percent and slid as much as 0.7 percent. While Europe’s benchmark gauge rose last week, it’s still down 1.3 percent from an April 15 record.

Deutsche Bank tumbled 3.9 percent after scrapping a profitability goal for next year and setting a lower target in the medium term. HSBC advanced 2.6 percent after a report that it’s considering spinning off its U.K. retail bank for about 20 billion pounds ($30 billion).

“Many people have taken profits in the past weeks and are looking for a cheaper way back in,” said Michael Woischneck, who helps manage about $6.7 billion at Lampe Asset Management in Dusseldorf, Germany. “It’s all about some heavyweights like Deutsche Bank being a drag on the market. Investors are clearly not convinced of their new strategy.”

Stocks in Spain fell the most in western-European markets as Bankia SA led a drop in lenders after reporting a decrease in first-quarter net interest income. The IBEX 35 Index declined 0.6 percent even as Spanish Prime Minister Mariano Rajoy raised growth forecasts for his country’s economy,

Volkswagen, Mediaset

Volkswagen AG rallied 2.9 percent after Chairman Ferdinand Piech resigned from all his posts at the German carmaker, ending a power struggle with other company leaders supporting its chief executive officer.

Mediaset SpA shares climbed 6.3 percent after a report said Vivendi SA is studying a purchase of the Italian broadcaster and a controlling stake in French film producer EuropaCorp., which gained 4.5 percent. Cap Gemini SA added 3.7 percent after agreeing to buy Igate Corp. for about $4 billion in cash.

Swedish Orphan Biovitrium AB surged 18 percent after the maker of drugs for rare diseases said it’s reviewing a preliminary takeover offer. Sandvik AB climbed 5.8 percent after the Swedish industrial group said currency effects will boost second-quarter profit by about 900 million kronor ($104 million).

Investors are weighing Greek deadlines after euro-area finance ministers refused to give more aid until bailout terms are met. Greece has to pay pensioners and state employees this week, and the International Monetary Fund on May 6. It plans to use local cash reserves for payments exceeding 1.5 billion euros ($1.6 billion), a move that may risk straining banks’ liquidity buffers, a person familiar with the matter said.

European stocks advanced 1.2 percent last week as some companies rallied on earnings and mining shares climbed after China boosted stimulus measures. The gauge has surged 19 percent in 2015 amid quantitative easing by the region’s central bank.