Most people welcome the summer slowdown at the office: the chance to take off a little early, to take two hours at lunch, to spend most of the day falling down internet rabbit holes, to take vacations without feeling guilty. Wall Street CEOs are not most people. And they are bracing for some bad news.
Analysts estimate the five largest firms will say their combined revenue from trading dropped 11 percent from a year earlier to $18.4 billion -- the smallest haul for a second quarter since 2012….
Among the hardest hit are fixed-income traders. Combined, the five firms are likely to say revenue from that business fell 16 percent to $11.2 billion, according to estimates gathered from nine analysts.
What should everyone else do with all that free time? Why, hit the links, of course. Spend some time with your kids. Play with that cool new Nintendo Classic. And, of course:
A trading supervisor at another bank confides he’s swiping through a lot of profiles on Tinder, the dating app.