RBS Tumbles Almost 10% on Concerns That Corbyn May Take Power
RBS Tumbles Almost 10% on Concerns That Corbyn May Take Power. Royal Bank of Scotland Group Plc plunged almost 10 percent as speculation mounts that British Prime Minister Theresa May’s government may collapse, leaving open the possibility the state-controlled lender may face a tougher regime under the Labour opposition. RBS shares started plummeting earlier today along with other British lenders such as Lloyds Banking Group Plc and Barclays Plc, which have slipped about 5 percent. May’s government and her day-old Brexit deal were on the verge of unraveling after several of her ministers resigned on Thursday morning. While a no-deal Brexit risks complicating the way banks do business in the European Union, the ouster of May would potentially bring Corbyn, a left-wing firebrand, closer to power.