Banks In The U.S. Plunged Because Of This

The aftermath of Britain’s shocking EU exit is still rippling across the globe.

The largest banks in the United States sank while the price of gold soared to highs it hasn’t seen in two years. On Friday, the average share price loss for the six largest banks in the U.S. was 7.59%.

Bank of America Corp. (NYSE: BAC) shares closed down 7.41%, JPMorgan Chase & Co. (NYSE: JPM) closed down 6.95%, Wells Fargo & Co (NYSE: WFC) closed down 4.59%, The Goldman Sachs Group, Inc. (NYSE: GS) was down 7.07%, Citigroup Inc. (NYSE: C) closed down 9.36%$, and Morgan Stanley (NYSE: MS) saw the worst of it by closing down 10.15%.

The surprising vote to leave the union has left investors frazzled and wondering how it will effect the financial system across the world. Gold is thought of as a safe haven which explains why many were scooping up the metal the day after Brexit passed.

London has been the financial capital of Europe and relocating the bank’s European headquarters could cost a lot of money to the U.S. as well.