Investment banks reeling from Brexit volatility

London

BREXIT is the last thing investment banks needed.

Friday's currency swoons and stock rout - triggered by UK voters' surprise decision to withdraw from the European Union - herald even harder times for securities firms already struggling to improve earnings. While some trading desks made money in the initial turmoil, continued market volatility in months ahead poses danger to trading profits. And companies that hire banks to advise on takeovers and raise money face years of uncertainty as Britain negotiates new international ties.