Trading in both RBS and Barclays shares were suspended following major slumps on the London Stock Exchange.
On Monday, Barclays’ share price was down 11.5% and RBS’ shares were down 14.2%, triggering automatic circuit breakers, usually triggered if a share price falls by more than 8%.
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Lloyds Banking Group share prices also fell by more than 20% on the same day.
While RBS, still 73% owned by the taxpayer, trading has resumed, its market cap is now £25bn ($33bn). To put this into context, this value was £35bn on Thursday. RBS shares have lost more value in this brief span of time than the UK contributed to the EU in the entirety of 2015 (£8.5bn).
In a recent poll from RBI, 80% of respondents believed that Brexit would affect the financial sector ‘badly’. Not a single respondent considered it to be a good thing.
