** The brokerage expects 10-15 pct jump in UK banks on deal passing and a 5-10 pct downside on "emphatic" rejection
** It, however, assumes the base case scenario among investors is a narrow rejection (meaning a second vote), which could lead to a muted market response
** "The current depressed level of UK stocks and GBP could limit the initial downside, even though markets will likely assign a higher probability to a 'no-deal Brexit' looking forward."
** KBW analysts remain "underweight" on UK-centered banks as they expect the deal to be rejected by a "decisive majority"
How UK banks fared since the EU referendum vote: