We will be counting the costs of Brexit for a long time, possibly for as long as it takes to figure out what, exactly, Brexit is and will be, which is to say we’ll be engaged in this little analytical adventure forever. One thing we can say with certainty, however, is that you don’t need any complicated models or calculations to tell you that British banks that just managed to turn their first profit in a decade and which are still operating under Jeff Sessions-shaped mortgage-probe swords of Damocles definitely could have done without it, and could certainly do without the omnishables Brexit heading their way. But just in case, RBS is putting a not-so-nice round number on it.
Royal Bank of Scotland has taken a £100 million earnings hit over Brexit, making it the first major lender to acknowledge costs related to the divorce….
"The risk of a disorderly Brexit has increased. We are not where we had wanted to be as a nation at this stage of the year," Katie Murray, the bank's interim chief financial officer, said during a conference call with investors.