How are MM banks faring during this economic crisis?

Given that they do not have balance sheets and are not underwriters of securities, I would assume they are less perceptible to risk. However, I am aware that with interest rates increasing, inflation, and the banking crisis, this means that sources of funds for mergers and acquisitions are becoming more costly. So, what we have is a nuanced dichotomy wherein the bank itself has some levels of stability from underlying balance sheet risk but its key business area is largely negatively effected. I would assume this translates to lower deal flow, of course, but this amount of deal flow should still be relatively more healthy than that of say bulge brackets banking.

In other words, are there layoffs pending or enacted for the top middle market banks? Very curious on this as a non-finance major.