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Barclays, RBS Hit Post-Crisis Lows on Banks’ Brexit Plunge

  • Analysts slash earnings estimates as U.K. votes to leave EU
  • Trading in Barclays and RBS briefly halted after rapid drops
Bloomberg business news

U.K., European Banks Bear the Brunt of Brexit Pain

Updated on

Barclays Plc and Royal Bank of Scotland Group Plc had their shares halted as the banks plunged to the lowest level since the financial crisis, accelerating declines after the U.K.’s vote to leave the European Union sparked fears about political and economic risks.

Barclays shares fell more than 17 percent for the second straight day, and the stock has now lost more than half its value in the last 12 months. RBS plummeted as much as 26 percent in London trading, reaching the lowest levels since January 2009 amid the lender’s taxpayer bailout. Trading in both banks was halted earlier in the day amid the rapid drops.