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

By 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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