Economics
Brexit Stuns Finance Chiefs as Global Bank Stocks Plummet
- Barclays, Lloyds tumble as European bank index falls most ever
- Deutsche Bank CEO called the decision "negative on all sides"
Wheeler: European Banks Long on Liquidity for Brexit
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Bank stocks plunged worldwide and finance chiefs were stunned by the U.K.’s vote to leave the European Union as concern mounted that a slump in economic growth, lower asset values and higher restructuring costs will hurt profit.
The Bloomberg Europe Banks and Financial Services Index fell 14 percent, the most in its history. Barclays Plc posted its biggest drop in more than seven years, while Deutsche Bank AG had its biggest intraday drop since the financial crisis. Citigroup Inc. fell as much as 9.5 percent, and Morgan Stanley dropped 9.4 percent as of 1:56 p.m. in New York.