DID NO ONE THINK OF THE DEFERRED BONUSES WHEN CASTING THEIR VOTE??
Following the Brexit vote, bankers are far less wealthy than before. Since Thursday, June 23rd (the day before the referendum), the value of deferred bonuses at Deutsche Bank, Barclays, UBS and Credit Suisse alone has declined by $800m. This figure is based upon bonuses that were paid in deferred stock for last year. Deutsche deferred €1.5bn of 2015 bonuses, Barclays deferred £661m. Credit Suisse and UBS deferred CHF978m and CHF1bn respectively...Since the referendum vote, the share prices of the banks in question have declined by anything from 17% (UBS) to 25% (Barclays). 2015’s deferred stock bonuses are suddenly worth a lot less as a result. As are any bonuses unvested from the previous two to five years.