Brexit to hurt large U.S. banks' 2016 earnings by 1-6 percent: KBW

June 16, 2016 6:02 PM

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Brexit to hurt large U.S. banks' 2016 earnings by 1-6 percent: KBW

Earnings of large U.S. banks would be hit by 1-6 percent this year if Britons vote in favor of leaving the European Union next week, according to brokerage Keefe, Bruyette & Woods (KBW).

Britain's exit could increase costs and weaken capital market activity, hurting banks such as Goldman Sachs Group Inc (GS.N), Morgan Stanley (MS.N), JPMorgan Chase & Co (JPM.N), Citigroup Inc (C.N) and Bank of America Corp (BAC.N), KBW analyst Brian Kleinhanzl wrote in a note on Thursday.

Also read: ECB Extends but Scales Back Stimulus, Whipsawing Markets

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