Trading in Barclays and RBS shares was suspended briefly today off the back of Brexit.
Barclays dropped 10.3 per cent while RBS went down 15 per cent this morning. The heavy losses in such a short space of time triggered automatic circuit breakers on the London Stock Exchange.
That led to a five-minute halt while investors analysed the next move.
Since Thursday Barclays shareholders have lost £10billion.
Lloyds bank also fell by 8.9 per cent while easyJet issued a profit warning with stock falling by 15 per cent and British Airways’ parent company IAG went down 9.4 per cent.
‘The UK’s vote to leave the EU will drive tectonic plate shifts in European bank investing. We move to a slow growth/modestly recessionary scenario for UK banks,’ analysts at Jefferies said in a note, downgrading RBS to ‘hold’ and Barclays to ‘underperform’.