After the “Brexit” the great depression of the banks – The World

Le Monde | 25/06/2016 at 10:07 • Updated 25/06/2016 at 10:34 | By Jade Grandin of Eprevier

A real game of massacre. After the vote the United Kingdom in favor of leaving the European Union (EU) Friday, June 24, all banks have plunged the stock market. The European index of banking stocks dropped 14.28%. In London, Barclays lost 17.7%, 21% Lloyds and Royal Bank of

Scotland 18.04%. Diving spared not their competitors eurozone with declines of between 14% and 23% for French BNP Paribas and Societe Generale, Germany’s Deutsche Bank, Spain’s Banco Santander or the Italian Intesa Sanpaolo . On Wall Street, Goldman Sachs, Morgan Stanley, JPMorgan Chase, Bank of America and Citigroup have lost between 6.95% and 10.15%.

“At this stage, we can not fully anticipate the consequences [of "Brexit"] , but there is no doubt that they will be negative on all sides “, warned Friday the boss Deutsche Bank, John Cryan.

It is the uncertainty that worries the markets: “Brexit” and its corollary lengthy negotiations to come will redefine the rules of European finance for long. First concerned, Anglo-Saxon banks risk losing their “free” access to the European single market. They benefited so far from a ‘passport’ allowing them to sell financial products, made in London, across the EU. On the continent, they conduct intermediary activities in financial markets, investment and financing for large companies, institutional clients, …