Bank Shares Plummet Around the World, but Europe Fares Worst

[L. Coyote]

Source: WSJ - Emily Glazer, et.al.

Banks on both sides of the Atlantic were pummeled by the U.K.’s decision to exit the European Union, hit by concern about the potential for big trading losses, slowing economic growth and the prospect of even lower interest rates for longer...........

Read more: http://www.wsj.com/articles/bank-shares-plummet-around-the-world-but-europe-fares-worst-1466803766

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Brexit wipes $2tn off markets as Moody's lowers UK credit rating outlook

Amid concerns that the EU referendum result risks sparking fresh financial crisis, Bank of England governor says it is ready to do whatever is needed.

The ratings agency Moody’s has lowered the outlook for the UK’s credit rating from stable to negative amid what it said would prove a prolonged period of uncertainty following Britain’s vote to leave the European Union.

Moody’s said the unpredictability of British decision-making had factored into its move, as had the likelihood of lower economic growth that it said would outweigh any savings the UK might hope to get from not having to contribute to the EU budget. ..................

London banks will pay the 'price' of Brexit
City undisputed financial capital of Europe
By CNN

Dutch finance minister Jeroen Dijsselbloem, a key euro official, said losing full access to the rest of Europe would be the "price" Britain would pay for Brexit. Speaking to Dutch TV station RTL on Friday, Dijsselbloem said rival financial centers like Amsterdam and Frankfurt would benefit.

The governor of the Bank of France also questioned London's future as the financial capital of Europe.

"If tomorrow, Britain is not part of the internal market, the City cannot keep its European passport," Villeroy de Galhau told a French radio station on Saturday, using the moniker for London's financial district. He heads the French central bank and is a member of European Central Bank's governing council.

The uncertainty is already hitting the banks. Shares in financial companies like HSBC, Lloyds Bank, Standard Chartered, and RBS were among the biggest losers as markets went into a free fall on Friday. ...........

[SoLeftIAmRight]

1. YEA

credit unions

[840high]

3. .+1

[PatrynXX]

4. Banks hrmph

I gave up on mine mostly because it used to be Union Planters Bank then it was Regions Bank then it was AmSouth except AmSouth has such a bad rep, they kept the name Regions. Have a bumper sticker somewhere that says Bad Regions (probably .com ) not around anymore I don't think. They went back from everything being electronic to having to be on paper and I left. for a Credit Union. Which was light years ahead of AmSouth..

[L. Coyote]

5. Indeed, I moved everything to a local credit union used by educator union employees.

Said farewell to the corporate banks, except the one giving me 1% back on every purchase. I shop employee-owned stores and buy groceries where credit cards are not accepted because they increase the consumer's cost too much.

[alittlelark]

2. I got call after call from Everbank - stayed where I was....

Good choice.

[mopinko]

6. boy am i glad i took my money out of wall street.

tax bite from liquidating 401k looks a whole lot smaller now.