hi folks...according to the news that i ve read over the past few weeks, citi and deutsche are the only ones that have announced job cuts in corporate finance m&a...
citi havent given a number but deutsche have put the figure at 70.. wat do ppl think? have u heard from ne other banks? and is it likely to get worse in m&a
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i think banks have been reluctant to cut M&A so far because they held out hope that strategic acquisitions would replace LBOs. that's not going to happen with a weakening economy. so yes, i think you'll see cuts in M&A over the coming months. first they'll try to reassign people to industry groups and then they'll start laying off.
so basically, we should all join the industry groups for a while?
so basically, we should all join the industry groups for a while?
i'm reluctant to give specific advice because each firm is different. however, generally speaking, industry groups are safer than M&A groups during a downturn.
That one of the BBs fired a good portion of one of their industry M&A teams.. not sure if it's true or not, but M&A activity even among strategics has slowed tremendously and there will be cuts going forward. We are in a recession now even if "officially" GDP growth has not yet been negative for 2 quarters.
Interesting post ibd_london. Do you have links to the source for your Deutsche cuts and can you recall which regions the cuts are going to hit hardest?
Someone correct me if I'm wrong but I think Deutsche's European M&A franchise has a much stronger presence in strategic vs. financial M&A than their US franchise (example, they are a sell side co-advisor on the $15bn Carlsberg Heineken/S&N merger in the UK). Deutsche's US M&A activity seems relatively dependent on leveraged finance commitments. Case in point, layoffs in Deutsche M&A may not signal a threat to M&A bankers at firms with more of a strategic focus.
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