On a typical day I meet with or receive a call from at least one investment banker. Sometimes they're selling a business, occasionally they represent a buyer, but since the financial crisis began they usually just want to touch base and make sure they're not missing an opportunity to sell or buy.
The bankers are doing it tough, but it's a mistake to believe that pain is only being suffered on the sell side. Most of the private equity firms I know have been quietly cutting back their teams, if only by deferring new hires or releasing contractors.
As always, it's the big guys that make the headlines. Last week Carlyle Group sacked 10% of its workforce and closed its Menlo Park office. I understand that in November they axed their Central and Eastern European deal team as well as their Asian leveraged finance operation.
Yesterday UK private equity leader 3i added to the Christmas cheer by announcing that 15% of their worldwide employees would be laid off.
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