Most surveys point to a British vote to exit the European Union. Banks are standing by to profit or at least avoid losses from trading on currency volatility before and after the vote. Uncertainty around the referendum was one of many factors cited by the Fed in deciding to leave interest rates unchanged. The IMF has warned of a recession in the U.K. following its exit from the EU, but realistically, that won’t happen. Workers can expect several thousand layoffs in global banking operations in England, but that is not enough of a change to prompt a recession. EU membership has few practical consequences in people’s daily lives, so that many people didn’t realize the U.K. was an EU member until the referendum question came up.
Cuts: Bank of America says it could close more branches and will reduce its branch staffing levels by at least 5 percent through attrition.
After five years in conservatorship, Texans Credit Union is financially stable again. The NCUA is ending its management of the credit union and turning control back over the the credit union members.