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Banks May Need $50 Billion New Capital After Brexit

  • Oliver Wyman sees costs rising $1 billion across the industry
  • As returns fall, some firms may opt to abandon Euro operations
Photographer: Simon Dawson/Bloomberg
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Banks may need to find $30 billion to $50 billion of additional capital to support new European units in the aftermath of a hard Brexit, and some smaller firms may abandon their operations on the continent altogether as profitability plunges, according to Oliver Wyman Inc.