European Banks Punished After U.K. Votes In Favor Of Brexit

By Mark DeCambre Markets MarketWatch Pulse

Bank stocks were pummeled at the open of European trade Friday in the aftermath of a landmark vote by the U.K. to leave the European Union, which has roiled global markets. Financial firms were taking it on the chin. Shares of Lloyds Banking Group PLC , Barclays PLC , Royal Bank of Scotland Group [s:RBC] all tumbled at least 30%. The drop in bank stocks came as European stock-market indexes were plunging, with the Stoxx Europe 600 off 8.8% at 315.87.

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