Investment bank Gleacher Shacklock has blamed the Brexit vote for a deals drought that has more than halved its profits.
The bank, which was founded in 2003, revealed that revenues fell 37% to £15.9m in 2016 on a dwindling number of transactions. That drove down profits to £7.8m from £16.7m a year earlier, accounts filed at Companies House show. Payouts to about 20 staff also fell.
Gleacher blamed “a more challenging external market environment, affected in particular by the uncertainties created by the Brexit referendum”.
Gleacher is based in St James’s in central London and was founded by Tim Shacklock, former deputy chairman of Dresdner Kleinwort Wasserstein. It competes for deals with banking giants including Goldman Sachs, but does not have a lending or broking…