Mayhem in Banks After Brexit: RBS, Barclays, and More

JPMorgan’s CEO: Challenges are Coming

JPMorgan Chase & Co. (NYSE:JPM) is also not safe from the repercussions of the Brexit news either and the stock has inched down by around 5%. JPMorgan Chase CEO Jamie Dimon and top executives issued a statement early Friday morning, recognizing that the bank will face challenges due to the Brexit and adding that the bank may seek to change its legal structure and its geographic positioning to comply with the new regulations. Natixis Global Asset Management’s Harris Associates is one of the 97 funds tracked by us that reported stakes in JPMorgan Chase & Co. (NYSE:JPM) as of the end of the first quarter.

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Citigroup’s Stock Punished

Citigroup Inc (NYSE:C)’s stock has declined by around 7.70% following the UK referendum results. Earlier this month, Citigroup’s UK head James Bardrick warned the bank’s employees that if Britain leaves, they might have to be moved out of London into the EU. Citigroup has a staff of 9,000 people in the UK. Among the funds tracked by Insider Monkey, 101 hedge funds amassed approximately $8 billion worth of Citigroup Inc (NYSE:C)’s shares at the end of the first quarter. Seth Klarman’s Baupost Group owns around 102.55 million shares of the company.

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Shares of Bank of America Down

Shares of Bank of America Corp (NYSE:BAC) took a beating and are down by nearly 6%. The company is also expected to relocate a part of its operations from the UK into the European continent following the Brexit, as it would allow BofA to conduct operations with countries from the European Economic Area. As of the end of the first quarter, 110 funds tracked by us own shares of Bank of America Corp (NYSE:BAC).

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