- Joe Salas
- Joe Salas
It’s a Brexit: Britain has chosen to leave the European Union.
Here are the headlines:
Global markets are in chaos. The British pound is getting clobbered. Treasury yields are jumping. Banks stocks are taking a hammering in Europe and the US. The Bank of England will provide £250 billion of new capital to prop up markets. Gold is rocketing higher.
The vote has broad political implications.
UK Prime Minister David Cameron has announced he will resign. Labour MPs are trying to depose Jeremy Corbyn with a motion of no confidence. EU officials say the UK must start the process to leave the bloc as soon as possible. Spain wants ‘co-sovereignty’ in Gibraltar after Brexit. Donald Trump cheers Brexit: ‘They took their country back, just like we will take America back.’
And here is some reaction to the news:
Here’s Deutsche Bank’s best guess at what happens now that the UK has voted. Here’s the Brexit memo Goldman Sachs CEO Lloyd Blankfein sent to staff. Here is Jamie Dimon’s Brexit memo to all JPMorgan staff on what happens now. Barclays CEO Jes Staley tells staff in a Brexit memo: ‘I do not pretend to have all the answers’ Lloyds CEO memo to staff: Work on contingency plan continuing ‘at pace.’ WPP boss Sir Martin Sorrell on the Brexit: ‘This is not good news, to say the least.’ MORGAN STANLEY: Helicopter money may be the next step for Britain NOMURA: Brexit will cause widespread ‘contagion’ in Asia. This map shows how divided the United Kingdom is right now.