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Idled Dealmakers Pile Into New Niche With Virus Freezing M&A

  • M&A bankers switch to restructuring-style work as deals dry up
  • Companies clamor for funding advice to avoid cash crunch
A jogger runs past office blocks in the City of London.

A jogger runs past office blocks in the City of London.

Photographer: Jason Alden/Bloomberg
Updated on

With the mergers business in a deep freeze after a decade-long boom, the matchmakers who broker corporate marriages are piling into a new line of work.

Sensing this shift, one senior dealmaker at an advisory boutique in London rushed to print new business cards, changing his title from “M&A Adviser” to “M&A + Restructuring.” He’s not alone: bankers at a dozen different firms say they’ve mostly stopped chasing megadeals for now. Instead, they’re spending their time advising both old and new clients on shoring up balance sheets, raising capital and preventing looming cash crunches.