The risk of another global recession escalated Friday after Britain's stunning decision to leave the European Union plunged financial markets into free fall and tested the strength of the safeguards put in place since the last downturn seven years ago.
The United Kingdom's decision to pull out of the European Union is sending global markets sharply lower. But the pain is being felt hardest by a handful of companies most exposed to the decision.
NEW YORK/LONDON/FRANKFURT Big Wall Street banks are scouring Europe to find a new home for their traders, bankers and financial licenses now that London is on shaky ground as the region's preeminent financial hub.
The DoubleLine Capital CEO said Friday that his firm sold all of its European equities position before the market closed Thursday and Britain voted to leave the European Union.
Global investors better pray their hedges prove more reliable than the bookmakers did. In a rout worsened by the mistimed bout of optimism that preceded it, equities plunged around the world Friday in waves of selling that grew as the prospect of U.K.