Why Wall Street Fought So Hard Against Brexit

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Why Wall Street Fought So Hard Against Brexit:

For decades, Wall Street has considered London a beacon through which it could reach the rest of Europe….

But Britain’s stunning vote on Friday to divorce itself from the European Union has thrown London’s status as Europe’s financial center into question – and with it, the city’s relationship with New York bankers.

From London, Wall Street has been able to sell its services across 28 nations without the headache of having to get regulatory approval from each individual country….

The shock of the British vote tanked U.S. markets Friday with the financial sector taking among the toughest hits. Goldman Sachs and JPMorgan Chase were both down 7 percent. Morgan Stanley tumbled 9 percent.

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