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US banks gird for Brexit-style tumult following Tuesday's election

Traders expect stocks to swing by 2% in either direction on Wednesday based on price of S&P 500 index options

Published Tue, Nov 8, 2016 · 09:50 PM

New York

US banks - including Morgan Stanley, JPMorgan Chase & Co and Goldman Sachs Group Inc - are bracing for potential tumult on financial markets in the wake of Tuesday's US election.

Bank preparations ahead of the election reflect their experience following Britain's shock vote to leave the European Union in June, when the S&P 500 fell 3.6 per cent the day after the poll.