M&A return offers at boutiques/product groups with tariffs/recession?

Will M&A return offers be impacted at boutiques and BB product groups as a result of the uncertainty of a recession driven by tariffs?

Given that a lot of firms have expanded headcount in their relevant M&A groups because of higher M&A activity, I want to make sure I’m not blind to the risk of return offers if M&A is inevitably lower than expected.

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