Banking shares have tanked in London following the 8am market open.
A vote for the UK to leave the European Union last night, largely catching the financial markets off-guard, has led to panic selling across Europe.
HSBC fared better, but didn't escape unscathed, losing almost five per cent.
Yesterday stocks gained across the board as traders bet the vote to remain would win the day. An uptick in the value of the pound and stocks over the week has worsened the backlash this morning.
Banks around the world and elsewhere in Europe were also getting hammered, falling by double digits. Commerzbank AG fell by 17 per cent Frankfurt.
The FTSE 100 slumped almost 10 per cent at the open, wiping around £122bn off the value of the largest UK listed companies.
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