Bonus Watch '16: Brexit To Crush Untold Number Of Hopes And Dreams

You can kiss those $30,000 mint condition Star Wars action figures good-bye.
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Damn you bastard Brits! By Andreal90 (Own work) [CC BY 3.0], via Wikimedia Commons

Damn you bastard Brits! Wikimedia Commons

Already earmarking this year's bonus for a £20,000 USB stick studded with sapphires, rubies, and diamonds/mid-six figure luxury vehicles for all your friends/Star Wars dolls still in their original packaging/a gut renovation of your apartment that will take it from a standard two-bedroom with eat in-kitchen to a no-expenses spared Bat Cave replica? Consider slowing thy roll!

When U.S. banks post second-quarter results in days, it’ll boil down to this: Bonus cuts are coming for just about everyone this year, says Wall Street recruiter Richard Lipstein. “If you are break-even, it’s an achievement.” That’s the picture taking shape as analysts trim estimates for the quarter and overhaul long-term projections for banks’ main businesses after the U.K.’s vote to leave the European Union. Starting this week, JPMorgan Chase & Co., Citigroup Inc. and Goldman Sachs Group Inc. probably will say they saw a quick bump in trading after the June 23 referendum, but that deals are stalling and years of pain lie ahead.

Bye-Bye, Bonus: Brexit Seen Biting Profit for Years at U.S. Banks [Bloomberg]

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