A cruel winter is likely for Wall Street as markets remain choppy and their biggest clients scale back. Traditional deal-making such as IPOs has dropped significantly. At every major investment house, management is quietly planning layoffs (and some, like Goldman Sachs, not so quietly) Wall Street restructuring departments are eyeing expansion to provide advice to companies burdened by high debt load they need to sell stuff or “restructure” in Chapter 11 bankruptcy. The easy money of the pandemic economy has led to similar risk-taking among companies and investors.Read Long Article
