Courtesy of Benzinga.
Investors in British banks have at least a temporary relief on Tuesday from the post-Brexit stock crash, as markets opened the session up after two consecutive days of heavy selling. It remains to be seen whether or not the bounce will hold.
But for some of the largest British banks, the market cap damage from the Brexit vote has already been done.
It’s certainly been no picnic for U.S. bank investors since the Brexit vote. The Financial Select Sector SPDR Fund (NYSE: XLF) is down 8 percent in the days following the referendum. However, the U.S. bank sell-off has been nothing compared to what has happened to the largest British banks.
Related Link: Here’s How The Brexit Could Impact The U.S. Housing Market
Of the four largest U.S.-listed British banks, HSBC Holdings plc (ADR) (NYSE: HSBC) is down 12.9 percent, Lloyds Banking Group PLC (ADR) (NYSE: LYG) is down 35.9 percent, Barclays PLC (ADR) (NYSE: BCS) is down 37.1 percent and Royal Bank of Scotland Group PLC (NYSE: RBS) is down 37.4 percent.
In terms of market cap, that translates to roughly $18.7 billion for HSBC, $28.2 billion for Lloyds, $18.0 billion for Barclays and $18.4 billion for Royal Bank of Scotland. Together, the four banks alone have lost roughly $83.3 billion in market cap value in less than a week.
Disclosure: the author holds no position in the stocks mentioned.
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