Banking stocks have fallen sharply at the open in London

 
Billy Bambrough
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Financial Turmoil Hangs Over London's City Workers
Banking stocks have taken a heavy beating already today (Source: Getty)

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.

Lloyds shares opened down 29 per cent, while Barclays is 30 per cent lower, RBS has lost 34 per cent, UBS has tumbled 12 per cent, and Deutsche is 17 per cent south.

HSBC fared better, but didn't escape unscathed, losing almost five per cent.

Read more: Deutsche Bank's chief executive isn't happy about the Brexit vote

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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