Brexit May Have Cost Banks $165 Billion
UK banks are counting the costs of Brexit as pessimism takes hold. US & European banks could end up $165 billion worse off after Britian’s historic decision to leave the EU according to a model set up by economists at New York University Stern School (NYU-Stern).
“US & European banks could end up $165 billion worse off after Britian’s historic decision to leave the EU.”
~ The Independent
NYU-Stern model tests the world’s largest financial institutions by asking the stock market what it thinks about the value and riskiness of the banks’ assets. Then it uses that information to estimate what would happen to the banks in a severe crisis and how much added equity capital they would need to avoid distress.
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