LONDON - Trading was suspended in shares of Barclays and Royal Bank of Scotland on Monday following heavy losses on the London Stock Exchange.

Barclays share price was down 10.3 per cent and RBS was down 15 per cent, the Independent reported, triggering automatic circuit breakers that kick in when a share price falls more than 8 per cent.

Barclays and RBS shares were offline for about five minutes, a spokesperson for the London Stock Exchange said.

Bank shares have been hard hit following the UK's decision to leave the European Union last Friday.

Barclays was trading at £138.95, down 9.76 per cent, while RBS was trading at £178.14, down 13.30 per cent in mid-morning trade.

The Bank of England said it was "monitoring developments closely" and would take "all necessary steps" to support monetary stability.