Yesterday, we heard that Deutsche Bank was setting the “norm” for future remote working at between two and three days a week, and that detailed arrangements would be sent out to each division in due course. In America, those memos have already gone out, and it seems that in the New York front office two or three days at home might be a rarity.
The memos came from Drew Goldman and James Davies of the investment banking division and from Mark Fedorcik and Ram Nayak for sales and trading. It appears that the Deutsche schedule for return is somewhat later than other Wall Street banks – they are advising everyone to make plans to “re-establish a presence in the office” by Labor Day in September. But, the expectation is that “risk takers” will be in the office full-time, that “client facing staff” will be allowed to work remotely “about one day a week” and support staff will have “a level of remote working” which remains undefined.
Citigroup has poached a Goldman Sachs partner to launch a new M&A advisory franchise in New York focusing on global healthcare, consumer and wellness as it…
BusinessAfter M&A boom via Zoom, dealmakers hit the road as COVID-19 subsides
Anirban SenKrystal Hu
3 minute read
A man wears a mask as he walks near the New York Stock Exchange (NYSE) in the financial district in New York City, U.S., March 2, 2020. REUTERS/Brendan McDermid
Investment bankersâ business of putting together mergers and acquisitions (M&A) has never been stronger. Neither has their fear of missing out on meeting clients.
Bankers are rushing to see company CEOs and other top executives in person as restrictions put in place to contain COVID-19 have eased. This is despite dealmaking through Zoom meetings having flourished, with M&A volumes in the first quarter of 2021 hitting a year-to-date record.
Send
Investment bankers’ business of putting together mergers and acquisitions (M&A) has never been stronger. Neither has their fear of missing out on meeting clients.
Bankers are rushing to see company CEOs and other top executives in person as restrictions put in place to contain Covid-19 have eased. This is despite dealmaking through Zoom meetings having flourished, with M&A volumes in the first quarter of 2021 hitting a year-to-date record.
The total value of pending and completed deals rose 93 percent to $1.3 trillion during the quarter, the second-biggest quarter on record, according to Refinitiv data.
More than a dozen investment bankers interviewed by Reuters said they were worried they would lose clients if competitors cultivated them in person. Some fretted they could not expand their clientele without schmoozing in the flesh. Some also said they or their staff were fatigued from working long hours remotely.
Mike Mayo sees big job cuts at banks; central banks wrestle with climate change americanbanker.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from americanbanker.com Daily Mail and Mail on Sunday newspapers.