Deutsche Bank has warned of disastrous consequences for both Europe and the UK should the latter vote to leave the EU in the referendum on 23 June.
The warning came from Deutsche Bank’s Austrian chairman - Paul Achleitner – who warned of “economic disaster for the UK” at a speech in New York on Wednesday (15 June).
A few hours after the speech, Deutsche Bank saw its shares fall to its lowest ever level – lower than that witnessed during the financial crisis.
Elsewhere, other business leaders warned for potential repercussions should Britain vote to leave the EU – “Brexit”.
In it’s latest results, stockbroker Charles Stanley warned that the EU referendum has “potentially huge implications for the market and could swing share price levels and trading volumes”.
Meanwhile, the US Federal Reserve and Swiss National Bank also issued warnings of stark financial consequences should Brexit occur.
The Fed cited Brexit as one of the factors that led it to keeping interest rates on hold while the Swiss National Bank warned it may “cause uncertainty and turbulence".
Policymakers and investors have reacted to reports that the Brexit supporters have now taken the lead in the polls.
Polls from the second week of June suggest that warnings of economic disruption from economists and senior politicians have not yet swayed the UK population.