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.
About Bank of England
The Bank of England’s mission is to promote the good of the people of the United Kingdom by maintaining monetary and financial stability.
That mission starts with the most recognisable of the Bank’s responsibilities – maintaining public confidence in the bank notes we all carry in our pockets and wallets. The Bank designs and issues durable, high quality bank notes, containing advanced security features that are easy to check and resilient to counterfeiting.
Visit: Bank of England
The Wealth Insider is the world’s leading wealth intelligence for global wealth managers, investments managers, asset managers, high net-worth service providers and wealthy individuals. Our global workforce seamlessly present the inside news of the most relevant news, insights, global wealth trends, innovation & digital transformation to our global audience.
Get The Wealth Insider Daily
- For Press Release, please contact email@example.com
- For Media-related enquiries, please contact firstname.lastname@example.org
- For Advertisement, please contact our official ad agency