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June 27, 2016updated 04 Apr 2017 1:25pm

Post-Brexit trading suspended for RBS and Barclays

Trading in both RBS and Barclays shares were suspended following major slumps on the London Stock Exchange.

By Patrick Brusnahan

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%.

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.

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