According to Bloomberg, when investment bankers look into their Christmas stockings, all they will see is coal. The news service owned by New York’s mayor writes "Standard & Poor’s said business conditions for securities firms are worse than in the second half of 1998 and revenue from investment banking and trading could fall 47 percent in the final six months of this year."
S&P looked at the largest banks and investment backs in drawing its conclusions. The second part of their analysis was obvious. Bonuses will be cut to keep these firms profitable. That may mean a recession in New York City and falling real estate prices. But, the bankers will be back in a year or two and all will be right again.
Douglas A. McIntyre
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