Brexit Fallout Continues To Pummel U.K. And U.S. Bank Stocks

By Tomi KilgoreMarketsMarketWatch Pulse

The stocks suffering the biggest percentage declines in premarket trade Monday can blame Brexit for their woes. The U.S.-listed shares of Barclays PLC plunged 24%, after tumbling 20% on Friday. The stock was on track to open at the lowest level since March 25, 2009. The next biggest decliners were the U.S.-listed shares of Royal Bank of Scotland Group PLC , which plummeted 20% toward the lowest price seen since Jan. 26, 2009, and Lloyds Banking Group PLC , which plummeted 17% toward the lowest level seen since Nov. 16, 2012. On Friday, shares of both RBS and Lloyds had tumbled 23%. The selloff in U.K. bank stocks continued to spill over to their U.S.-based peers, with the SPDR Financial ETF shedding 1.5% ahead of the open after tumbling 5.4% on Friday. Among XLF components, shares of Bank of America Corp. slumped 1.8%, Citigroup Inc. shed 1.9% and J.P. Morgan Chase & Co. dropped 1.6%.

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