The downward effect of Brexit on the market continued on Monday, particularly with EU banks opening at lows not seen in years.

Barclays PLC (BCS Quick QuoteBCS - Free Report) opened down 23.3%, Lloyds Banking Group (LYG Quick QuoteLYG - Free Report) down 16.8%, Royal Bank of Scotland down 13.8% and HSBC Holdings (HSBC Quick QuoteHSBC - Free Report) down 6.1%. The overall volatility in the market today is a reflection of the continued concerns involving the U.K.’s exit from the EU.

In response to the uncertainty, Federal Reserve Board Chair Janet Yellen cancelled her planned Wednesday appearance at a central bank conference in Portugal, organized by the European Central Bank. The current outlook on U.K. banks is increasingly negative, with HSBC serving as today’s “Bear of the Day.”

Since Brexit, major financial institutions in London have begun discussion of relocating their workers to other locations in Europe, including Frankfurt and Dublin. As highlighted here, it is projected that London could lose 40,000 or more jobs in financial services alone in the near future.

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