What do M&A bankers do right now?

There's this little thing called activism & defense within classic M&A work. More broadly, people are concerned about liquidity, so firms are having discussions about short-term liquidity and whether drawing / putting a revolver in place makes sense (to the extent the company has the ability to do so). Plenty of dry powder out there, so if companies need capital, private placement markets are open for business, too, albeit with very onerous terms and getting structured as senior notes plus warrants, but if it's needed for survival, then it's what companies will end up taking.