Finance Insider is Business Insider’s summary of the top stories of the past 24 hours.
It’s a Brexit: Britain has chosen to leave the European Union. Here are the headlines:
- Global markets are in chaos.
- The British pound is getting clobbered.
- Treasury yields are jumping.
- Banks stocks are taking a hammering in Europe and the US.
- The Bank of England will provide £250 billion of new capital to prop up markets.
- Gold is rocketing higher.
The vote has broad political implications.
- UK Prime Minister David Cameron has announced he will resign.
- Labour MPs are trying to depose Jeremy Corbyn with a motion of no confidence.
- EU officials say the UK must start the process to leave the bloc as soon as possible.
- Spain wants ‘co-sovereignty’ in Gibraltar after Brexit.
- Donald Trump cheers Brexit: ‘They took their country back, just like we will take America back.’
And here is some reaction to the news:
- Here’s Deutsche Bank’s best guess at what happens now that the UK has voted.
- Here’s the Brexit memo Goldman Sachs CEO Lloyd Blankfein sent to staff.
- Here is Jamie Dimon’s Brexit memo to all JPMorgan staff on what happens now.
- Barclays CEO Jes Staley tells staff in a Brexit memo: ‘I do not pretend to have all the answers’
- Lloyds CEO memo to staff: Work on contingency plan continuing ‘at pace.’
- WPP boss Sir Martin Sorrell on the Brexit: ‘This is not good news, to say the least.’
- MORGAN STANLEY: Helicopter money may be the next step for Britain
- This map shows how divided the United Kingdom is right now.