As Restructuring Begins to Slow…

Hahn, Avital Louria; Burns, Mairin
May 2003
Investment Dealers' Digest;5/5/2003, Vol. 69 Issue 18, p9
Trade Publication
No sector on Wall Street has been hotter since 2001 than restructuring, but the great wave of workouts may well have crested, and firms that specialize in the field are starting to scramble to deal with that dawning possibility.Banc of America Securities LLC is said already to be trimming middle-market workout bankers in its commercial banking unit, while the kingpin of the restructurers, Houlihan Lokey Howard&Zukin, acknowledges that the volume of restructuring is headed down and plans to reassign workout professionals to its mergers-and-acquisitions practice, should that need arise. Amid the current round of layoffs among generic investment bankers, only those with superior math abilities and a flair for the theatrical would be reassigned by a bank like J.P. Morgan Chase & Co. to the restructuring group, one source said, noting that J.P. Morgan is not one of the banks said to be cutting back in restructuring.


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