A banking crisis, along with weak corporate earnings and the Brexit vote are forcing banks to prepare for the worst case scenario by the end of the year.
According to CNBC quoting a major lender, banks are “preparing for an economic nuclear winter situation.”
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The chaos in the market has major bank officials running for the hills. According to CNBC, European banks, in particular, have had a very tough six months as the shock and volatility around Brexit sent banking stocks south.
Major European banks like Deutsche Bank and Credit Suisse saw their shares in free-fall after the referendum’s results were announced. In the U.K., RBS was the worst-hit, with its shares plunging by more than 30 percent since June 24.
On Sunday, a source, speaking on the condition of anonymity, due to the fact that revealing this information can get bankers killed, a source from a major investment bank told CNBC “that financial services firms have put together a strategy in place that takes into account the worst-case scenario that could happen by the end of this year.”
“This could mean triggering Article 50, referendum in other European nations leading to a break-up of the euro or sterling hitting below $1.20 or lower. The banks are ready for anything now,” the source said.
This grim warning comes after the Royal Bank of Scotland has warned its investors of a “cataclysmic year.” In an eerily ominous note to its clients early this year, the megabank predicted another worse case scenario.
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