The directors of Merill Lynch International Bank in Ireland have fired a warning shot about the effects a hard Brexit could have on its business.

The value of bank shares plunged across the eurozone as details of the ECB stress tests, which will be carried out over the next 12 months, were unveiled.

US banking giant Merrill Lynch might not pay any corporation tax in the UK for several decades after channelling US$29bn (€19.73) of losses through its London operation, a report said today.

Frenkel to retire from Merrill Lynch at end April