Banking stocks severely slammed across the board

New York (Jun 25)  Major banking stocks were hit hard by the news as a number of major financial institutions looked down the barrel of two years of renegotiations of operations across Europe. Regulations for the finance industry, particularly regarding cross-border transactions among EU countries, will likely be altered as the U.K. prepares its EU exit.

Major banks including UBS (UBS) , HSBC (HSBC) , Deutsche Bank (DB) , Royal Bank of Scotland (RBS) , Bank of America (BAC)  and JPMorgan Chase (JPM) were sharply lower.

Durable goods orders in the US declined 2.2% in May, far wider than an expected 0.7% decline. The measure increased 3.4% in April. Core capital goods orders dropped 0.7%.

Source: TheStreet