DOCSLIB.ORG

M&A Spikes in Record Third Quarter As Boards Go on Pandemic Deal Spree | Reuters

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
M&A Spikes in Record Third Quarter As Boards Go on Pandemic Deal Spree | Reuters M&A spikes in record third quarter as boards go on pandemic deal spree ... https://www.reuters.com/article/us-global-m-a-q3/ma-spikes-in-record-th... M&A spikes in record third quarter as boards go on pandemic deal spree Pamela Barbaglia, Joshua Franklin LONDON/NEW YORK (Reuters) - Mergers and acquisitions came back with a bang in the third quarter as executives rushed to revisit deals left on hold at the height of the coronavirus pandemic and boardrooms regained confidence after a roller-coaster year. FILE PHOTO: The Wall Street sign is pictured at the New York Stock exchange (NYSE) in the Manhattan borough of New York City, New York, U.S., March 9, 2020. REUTERS/Carlo Allegri/File Photo A deal frenzy in September led to a record third quarter with more than $1 trillion worth of transactions around the world, mostly focused on coronavirus-resilient sectors such as technology and healthcare, according to Refinitiv data. The third-quarter spike, however, failed to take up all the slack after a lacklustre start to the year. M&A deals overall were down 21% at $2.2 trillion in the first nine months of 2020, with U.S. transactions coming in at $800 billion, a 43% slump from the same period last year. "The way out of this crisis is through M&A and we have started to have really engaging conversations with CEOs and boards around strategic positioning post-COVID," said Alison Harding-Jones, Citigroup's C.N head of M&A for Europe, the Middle East and Africa (EMEA) and vice chairman of EMEA banking, capital markets and advisory. “People have realised they need to consolidate to create stronger and better-equipped businesses to deal with what the world looks like going forward,” she said. M&A activity in July, August and September leapt 80% from the previous quarter when the spread of COVID-19 triggered global lockdowns and brought business to a standstill. In the United States, deal volumes rose threefold to $414 billion from the second quarter, Europe was up 21% at $231 billion and Asia Pacific spiked 67% to $274 billion. “The market is picking up quite rapidly. Ironically, the prospects for M&A activity are stronger now than they were pre-COVID,” said Peter Weinberg, founding partner and chief executive of Perella Weinberg Partners. ‘GET ON WITH LIFE’ The latest transaction to become a casualty of the pandemic was LVMH's LVMH.PA $16 billion takeover of U.S. jeweller Tiffany TIF.N, which is hanging in the balance after the French luxury giant said it could not meet a deal deadline. While that was a blow for transatlantic mergers, the deal flow between the United States and Europe was partly restored by Nvidia's NVDA.O $40 billion swoop on British chip designer Arm Holdings. German health firm Siemens Healthineers SHLG.DE and French drugmaker Sanofi SASY.PA, meanwhile, spent billions on U.S. takeovers, buying Varian Medical Systems VAR.N and Principia PRNB.O, respectively. Other big deals included PetroChina's 601857.SS0857.HK sale of its oil and gas pipelines for 1 of 3 10/1/2020, 9:21 AM M&A spikes in record third quarter as boards go on pandemic deal spree ... https://www.reuters.com/article/us-global-m-a-q3/ma-spikes-in-record-th... $49 billion and a $42 billion move by Altice's ATCA.AS Franco-Israeli founder Patrick Drahi to take the telecoms firm private. The third-quarter deal frenzy, however, gave mid-market mergers the biggest boost. Transactions in the $5 billion to $10 billion range are up 24% so far this year while combinations worth more than $10 billion have dropped 37%. Dealmakers said the looming U.S. presidential election on Nov. 3 was a factor for companies considering acquisitions but a sustained economic recovery should help stimulate merger activity, regardless of the winner. "The election is in focus with clients right now. But if you look back, the underlying strength of the economy and the capital markets are better predictors of M&A activity than any single event like the election," said Chris Roop, co-head of North America M&A at JPMorgan Chase & Co JPM.N. In Europe, a long-awaited season of banking deals kicked off over the summer with Spanish and Italian banks finalising merger discussions, raising expectations that German and Swiss rivals might follow suit. "The critical phase of when nobody knew what was happening is over. CEOs want to get on with life and business implementation as they've realised they cannot stand still," said Patrick Frowein, co-head of EMEA investment banking coverage and advisory at Deutsche Bank DBKGn.DE. “One CEO recently told me: ‘In the morning I work on the theme of crisis and in the afternoon I work on the topic of opportunity. The mornings are getting shorter and the afternoons longer’.” STOCK DEALS FAVOURED In general, the pandemic has pushed companies to reconsider what it means to diversify their business, Stephan Feldgoise, global co-head of M&A at Goldman Sachs GS.N said. “The willingness of corporations to look through what is market uncertainty is really what’s evolved right now,” Feldgoise said. “COVID has changed the perception of what it means to be diversified. To refocus a business, to have multiple products lines and to achieve geographic diversification is helping to drive M&A.” Despite the market volatility, companies have largely used stock as their preferred acquisition currency, locking in high valuations while keeping cash reserves intact to help weather the coronavirus storm. "Stock deals are increasingly attractive because there's often a lower premium to pay and the target shareholders will participate in the upside of the combined entity," said Philipp Beck, M&A head for EMEA at UBS UBSG.S. “This is a theme that will continue as it allows the parties to preserve balance sheet flexibility and ease liquidity concerns,” he said. Deep-pocketed private equity investors have largely been on the sidelines, wary of buying assets that are hard to price without visibility on how long it will take for growth to return to pre-pandemic levels. “When you look at the market fundamentals, you see that there is a lot of private equity money to be deployed. But high multiples and hefty valuations continue to remain the main challenge for most funds,” said Simona Maellare, global co-head of alternative capital at UBS. 2 of 3 10/1/2020, 9:21 AM M&A spikes in record third quarter as boards go on pandemic deal spree ... https://www.reuters.com/article/us-global-m-a-q3/ma-spikes-in-record-th... Going forward, however, the mood is set to change, with financial investors likely to follow in the footsteps of U.S. buyout fund KKR KKR.N, which has been a prolific dealmaker during the pandemic, bankers said. “There is a window of opportunity for financial sponsors to drive post-COVID-19 growth. If you look at the cycle we’re at a low point but there are signs of a recovery in many segments,” Deutsche Bank’s Frowein said. Reporting by Pamela Barbaglia in London and Joshua Franklin in New York; Editing by David Clarke 3 of 3 10/1/2020, 9:21 AM.
Load more

Recommended publications
  • Perella Weinberg Partners LP
    Perella Weinberg Partners LP Peter Weinberg—Founding Partner Partner Peter Weinberg co-founded Perella Weinberg Partners, a private financial services firm, in June 2006 to provide M&A advisory and alternative asset management services. The firm has offices in New York and London and serves companies, families and institutions around the world. Mr. Weinberg has been in the investment banking industry for over 25 years. Prior to co-founding Perella Weinberg Partners, he served as chief executive officer of Goldman Sachs International, based in London. He was elected partner of the firm in 1992, co-headed the global investment banking division, and served on the management committee for six years. He also co-headed the partnership committee. Mr. Weinberg is on the board of BAE Systems PLC and GLG Partners, both are based in London. He has been committed to many educational institutions and currently serves on the boards of Deerfield Academy, Brunswick School, The Kravis Leadership Institute and the Kings Academy in Jordan. Mr. Weinberg graduated from Claremont McKenna College in 1979 and Harvard Business School in 1983. He currently lives outside of New York with his wife, Debby, and three children: Sidney, Charles and Henry. Q&A with Peter Weinberg What are some steps that you took to get to the position that you are in now? I spent almost 20 years at Goldman Sachs, which formed the bulk of my career. I left after having served as chief executive of Goldman Sachs International for seven years and came back to the United States. I lived in London while I served in that capacity and returned to the United States in 2005, when I decided that I wanted to start a new company.
    [Show full text]
  • Annual Report 2017
    Central Park Conservancy ANNUAL REPORT 2017 Table of Contents 2 Partnership 4 Letter from the Conservancy President 5 Letter from the Chairman of the Board of Trustees 6 Letter from the Mayor and the Parks Commissioner 7 Serving New York City’s Parks 8 Forever Green 12 Honoring Douglas Blonsky 16 Craftsmanship 18 Native Meadow Opens in the Dene Landscape 20 Electric Carts Provide Cleaner, Quieter Transportation 21 Modernizing the Toll Family Playground 22 Restoring the Ramble’s Watercourse 24 Enhancing and Diversifying the Ravine 26 Conservation of the Seventh Regiment Memorial 27 Updating the Southwest Corner 28 Stewardship 30 Operations by the Numbers 32 Central Park Conservancy Institute for Urban Parks 36 Community Programs 38 Volunteer Department 40 Friendship 46 Women’s Committee 48 The Greensward Circle 50 Financials 74 Supporters 114 Staff & Volunteers 124 Central Park Conservancy Mission, Guiding Principle, Core Values, and Credits Cover: Hallett Nature Sanctuary, Left: Angel Corbett 3 CENTRAL PARK CONSERVANCY Table of Contents 1 Partnership Central Park Conservancy From The Conservancy Chairman After 32 years of working in Central Park, Earlier this year Doug Blonsky announced that after 32 years, he would be stepping down as the it hasn’t been an easy decision to step Conservancy’s President and CEO. While his accomplishments in that time have been too numerous to count, down as President and CEO. But this it’s important to acknowledge the most significant of many highlights. important space has never been more First, under Doug’s leadership, Central Park is enjoying the single longest period of sustained health in its beautiful, better managed, or financially 160-year history.
    [Show full text]
  • Medicine Columbia University College of Physicians & Surgeons Features
    Columbia Medicine Columbia University College of Physicians & Surgeons Features: 4 10 16 Going Outside Blood Borne Getting Personal the Four Walls As the new director of the Through the ambitious A community wellness center Columbia Stem Cell Initiative, NIH-funded All of Us program, led by two P&S faculty Emmanuelle Passegué P&S will help enroll members will strengthen is pursuing her vision to 1 million Americans in a initiatives in stroke prevention further the initiative, large-scale research effort and mental health support. established in 2008, to identify ways to prevent The center continues a longtime by integrating basic lab and treat disease based P&S tradition of expanding discoveries with their potential on individual differences access to health care for clinical application. in lifestyle, environment, throughout the city. and genetics. http://ps.columbia.edu/ ColumbiaMedicine | 2017 Annual Report Issue Departments: 2 Dean’s Message 26 2017 Year in Highlights 33 Philanthropy News 36 P&S News 39 About P&S · Trustees Committee on the Health Sciences · Columbia University Medical Center Board of Advisors · Other CUMC Advisory Groups · Senior Administration, CUMC · Senior Administration, College of Physicians & Surgeons · Executive Committee of the Faculty Council · Department Chairs · University Centers and Institutes and Directors · Affiliated Hospitals · Facts and Statistics On the Cover The cover is the second of three 2017 commemorative covers that celebrate the 250th anniversary of Columbia’s medical school. This cover recalls the design influences from the middle part of the school’s 250 years, from the 22 mid-1800s to the early 1930s. Illustration by Ben Johnston.
    [Show full text]
  • Houston Ballet 2014-2015 Annual Report
    Annual Report 2014 - 2015 BOARD OF TRUSTEES CHAIRMAN Mr. James M. Jordan PRESIDENT Mrs. Phoebe Tudor SECRETARY Mission Statement Mrs. Margaret Alkek Williams OFFICERS Ms. Leticia Loya, VP – Academy Mr. James M. Nicklos, VP – Finance To inspire a lasting love and appreciation for dance through artistic excellence, Mr. Joseph A. Hafner, Jr., VP – Institutional Giving Mr. Daniel M. McClure, VP – Investments exhilarating performances, innovative choreography and Mrs. Becca Cason Thrash, VP – Special Events Mrs. Donald M. Graubart, VP – Trustee Development superb educational programs MEMBERS-AT-LARGE In furtherance of our mission, we are committed to maintaining and enhancing our status as: Ms. Michelle Baden Mrs. F. T. Barr Mrs. Kristy Junco Bradshaw • A classically trained company with a diverse repertory whose range Mrs. J. Patrick Burk Mrs. Lenore K. Burke includes the classics as well as contemporary works. Mrs. Albert Y. Chao Mr. Jesse H. Jones II Mrs. Henry S. May, Jr. • A company that attracts the world’s best dancers and choreographers Mr. Richard K. McGee and provides them with an environment where they can thrive and Mrs. Michael Mithoff Mr. Michael S. Parmet further develop the art form. Mrs. Carroll Robertson Ray Mr. Karl S. Stern Mr. Nicholas L. Swyka • An international company that is accessible to broad and growing local, Mrs. Allison Thacker national, and international audiences. Mrs. Oscar S. Wyatt, Jr. TRUSTEES • A company with a world-class Academy that provides first rate Mrs. Kristen Andreasen Mrs. Richard E. Fant Hon. Mica Mosbacher Mr. Cecil H. Arnim III Mrs. Claire S. Farley Ms. Beth Muecke instruction for professional dancers and meaningful programs for non- Mrs.
    [Show full text]
  • Traders Vs. Relationship Managers: Reputational Conflicts in Full
    Traders vs. Relationship Managers: Reputational Conflicts in Full-Service Investment Banks∗ Zhaohui Chen, Alan D. Morrison, McIntire School of Commerce, Sa¨ıdBusiness School, University of Virginia. University of Oxford. William J. Wilhelm, Jr.,y William G. Shenkir Eminent Scholar, McIntire School of Commerce, University of Virginia. March 28, 2013 ABSTRACT We present a model that explains why investment bankers have struggled in recent years to manage conflicts of interest. The model captures two conflicting dimensions of reputation. On the one hand, banks can build a type reputation for technical competence by performing complex deals that may not serve their clients' interest; on the other hand, bankers can sustain a behavioral reputation by refraining from doing so. Unproven banks favor type reputation over behavioral reputation; being ethical in our model is a luxury reserved for banks that have proven their abilities. The model also sheds light on conflicts between the trading and advisory divisions of investment banks, as well as the consequences of technological change for time variation in the relative strength of behavior- and type- reputation concerns. ∗Chen and Wilhelm received support from McIntire Foundation's King Fund for Excellence and the Walker Fund; Morrison received support from the Oxford University Centre for Corporate Reputation. We thank Jonathan Cohn, Sheridan Titman and seminar participants at the University of Texas for their helpful comments. yCorresponding author. McIntire School of Commerce, University of Virginia, Rouss & Robertson Halls, East Lawn, P.O. Box 400173, U.S.A. email:[email protected]; tel: 434-924-7666; fax: 434-924-7074 Traders vs. Relationship Managers I.
    [Show full text]
  • What Happened to Goldman Sachs: an Insider’S Story of Organizational Drift and Its
    What Happened to Goldman Sachs: An Insider’s Story of Organizational Drift and its Unintended Consequences Steven G. Mandis Submitted in partial fulfillment of the requirements for the degree of Doctor of Philosophy in the Graduate School of Arts and Science COLUMBIA UNIVERSITY 2014 ©2013 Steven G. Mandis All Rights Reserved Abstract What Happened to Goldman Sachs: An Insider’s Story of Organizational Drift and its Unintended Consequences Steven G. Mandis This is the story of the slow evolution of Goldman Sachs – addressing why and how the firm changed from an ethical standard to a legal one as it grew to be a leading global corporation. In What Happened to Goldman Sachs, Steven G. Mandis uncovers the forces behind what he calls Goldman’s “organizational drift.” Drawing from his firsthand experience; sociological research; analysis of SEC, congressional, and other filings; and a wide array of interviews with former clients, detractors, and current and former partners, Mandis uncovers the pressures that forced Goldman to slowly drift away form the very principles on which its reputation was built. Mandis evaluates what made Goldman Sachs so successful in the first place, how it responded to pressures to grow, why it moved away from the values and partnership culture that sustained it for so many years, what forces accelerated this drift, and why insiders can’t – or won’t – recognize this crucial change. Combining insightful analysis with engaging storytelling, Mandis has written an insider’s history that offers invaluable perspectives to business leaders interested in understanding and managing organizational drift in their own firms.
    [Show full text]
  • Christopher G. Williams Joins Perella Weinberg Partners As Partner
    CHRISTOPHER G. WILLIAMS JOINS PERELLA WEINBERG PARTNERS AS PARTNER Firm Expands Financial Institutions Advisory Coverage London and New York – June 4, 2015 – Perella Weinberg Partners today announced that Christopher G. Williams has joined the Firm as a Partner in its Advisory business. Mr. Williams will focus on providing strategic and financial advice to European financial institutions and will be based in London. Mr. Williams comes to Perella Weinberg Partners from Credit Suisse, where he was Executive Vice Chairman of the Global Financial Institutions Group and an Executive Board Member of Credit Suisse Securities (Europe) and Credit Suisse International. During his 28 year career in investment banking, Mr. Williams has advised senior management and boards on numerous complex transactions in the FIG space. Peter Weinberg, Partner and Head of Advisory at Perella Weinberg Partners, said, “Financial institutions is an important sector and one where we see increased activity going forward, particularly in Europe. Chris’ global experience and deep sector knowledge will be invaluable to our clients and will further enhance our existing financial institutions coverage.” Christopher Williams stated, “Perella Weinberg Partners is a well-regarded independent advisory firm with an impressive track record of providing insightful and distinguished advice. I am excited to join a team of this caliber and look forward to partnering with my colleagues to help our clients meet their strategic needs.” Perella Weinberg Partners has been actively advising
    [Show full text]
  • Perella Weinberg Partners Completes Business Combination with Fintech Acquisition Corp
    Perella Weinberg Partners Completes Business Combination With FinTech Acquisition Corp. IV – Perella Weinberg Partners to Commence Trading on NASDAQ Under Ticker "PWP" on June 25, 2021 – NEW YORK--(BUSINESS WIRE)-- Perella Weinberg Partners (“PWP”), a leading global independent advisory firm, and FinTech Acquisition Corp. IV (NASDAQ: FTIV) (“FinTech IV”), a special purpose acquisition company, announced today that they have completed their previously announced business combination (the “Business Combination”). The Business Combination was approved at a special meeting of stockholders of FinTech IV on June 22, 2021, and closed today, June 24, 2021. The combined company now operates as Perella Weinberg Partners, and PWP’s Class A common shares and warrants will begin trading on NASDAQ under the ticker symbols “PWP” and “PWPPW”, respectively, starting tomorrow, June 25, 2021. FinTech IV’s public units separated into their component securities upon consummation of the Business Combination and, as a result, no longer trade as a separate security and are being delisted from NASDAQ. PWP CEO Peter Weinberg commented, “Today marks an important milestone in the ongoing growth and development of PWP’s global advisory platform. This latest step has been achieved through the exceptional efforts and dogged dedication of our entire team. We thank all of our clients, the FinTech IV team and all our stakeholders for their persistent belief in our mission. With our best-in-class team and premium global advisory brand, we are energized by the opportunity
    [Show full text]
  • Vault Guide to the Top 25 Banking Employers, 2021 Edition
    THE MEDIA'S WATCHING VAULT! HERE'S A SAMPLING OF OUR COVERAGE. "For those hoping to climb the ladder of success, [Vault's] insights are priceless." - Money magazine "The best place on the web to prepare for a job search." - Fortune "[Vault guides] make for excellent starting points for job hunters and should be purchased by academic libraries for their career sections [and] university career centers." - Library Journal "The granddaddy of worker sites." - US News & World Report "A killer app." - The New York Times One of Forbes' 33 "Favorite Sites." - Forbes "To get the unvarnished scoop, check out Vault." - SmartMoney "Vault has a wealth of information about major employers and job- searching strategies as well as comments from workers about their experiences at specific companies." - The Washington Post "Vault [provides] the skinny on working conditions at all kinds of companies from current and former employees." - USA Today VAULT GUIDE TO THE TOP 25 BANKING EMPLOYERS, 2021 EDITION EDITED BY DEREK LOOSVELT AND THE STAFF OF VAULT Copyright © 2021 by Vault.com, Inc. All rights reserved. All information in this book is subject to change without notice. Vault makes no claims as to the accuracy and reliability of the information contained within and disclaims all warranties. No part of this book may be reproduced or transmitted in any form or by any means, electronic or mechanical, for any purpose, without the express written permission of Vault.com, Inc. Vault, the Vault logo, and "The Most Trusted Name in Career InformationTM" are trademarks of Vault.com, Inc. For information about permission to reproduce selections from this book, contact Vault.com, Inc., 132 W.
    [Show full text]
  • FY 20 HBS Club NY Annual Newsletter
    Annual Newsletter | JUNE 2020 | hbscny.org Harvard Business School’s New York Benefactor George Fisher Baker, Sr. was so taciturn that some of his contemporaries called him the Sphinx of Wall Street. He had not uttered a word to a newspaper reporter between 1863 and 1923. But his generosity spoke volumes. At the age of 16, George F. Baker began working in the State of New York’s Banking Department as the most junior clerk. Baker proved to be one of the department’s The Mission of the HBS Club of New York most efficient and highest paid clerks. At the outbreak of the Civil War, New York is to Make a Difference and to Support Governor Edwin D. Morgan appointed him Assistant Military Secretary. Baker Harvard Business School by Engaging Alumni, served in the Executive Department attending meetings and taking the minutes. Impacting Community, Fostering Leadership He returned to the Banking Department after his six month service having made and Lifelong Learning. important connections that would shape his future decisions. When he was 23, Baker invested $3,000 (equivalent to $75,000 in 2020) to become an original shareholder and one of the first employees of the newly TOP: THE FIRST NATIONAL BANK, 2 WALL STREET, NEW YORK, AUGUST 1929. BAKER FAMILY PAPERS, BAKER LIBRARY, HARVARD BUSINESS SCHOOL (OLVWORK642538). formed The First National Bank of New York, a predecessor of Citigroup. Joining BOTTOM: GEORGE F. BAKER, SR. AND J. PIERPONT MORGAN, CA. 1910. BAKER FAMILY the bank as a teller, George F. Baker was unanimously elected President at the PAPERS, BAKER LIBRARY, HARVARD BUSINESS SCHOOL (OLVWORK648288).
    [Show full text]
  • Perella Weinberg Partners Reports Full Year and Fourth Quarter 2020 Results
    NEWS RELEASE Perella Weinberg Partners Reports Full Year and Fourth Quarter 2020 Results 2/16/2021 Full year 2020 revenues of $519.0 million, down 3% from the prior period Fourth quarter 2020 revenues of $189.1 million, compared to fourth quarter 2019 revenues of $171.9 million, up 10% from the prior year period Continued to execute on the PWP growth strategy: Maintained strong pipeline of internal and external senior level talent Promoted three Managing Directors to Partners eective January 1, 2021 in addition to three Partner hires over the course of 2020 to strengthen PWP’s advisory franchises Announced business combination with FinTech Acquisition Corp. IV (“FTIV”) and, upon closing of the transaction, will become a public company In connection with the business combination, FTIV and PWP announced commitments of approximately $125 million in a PIPE transaction from leading institutional and strategic investors Transaction expected to close in the rst half of 2021 NEW YORK--(BUSINESS WIRE)-- Perella Weinberg Partners (“PWP”), a leading global independent advisory rm, today reported nancial results for the fourth quarter and full year ended December 31, 2020. The rm reported revenues of $519.0 million for the year ended December 31, 2020, compared with $533.3 million for the year ended December 31, 2019. GAAP net loss and adjusted net income were ($24.3) million and $34.6 million, respectively, for the year ended December 31, 2020, compared with GAAP net loss of ($164.0) million and adjusted net income of 1 $44.2 million, respectively, for the year ended December 31, 2019.
    [Show full text]
  • Perella Weinberg's Andrew Bednar Drives Stock Exchange Megadeals
    BANKING + CAPITAL MARKETS Perella Weinberg’s Andrew Bednar Drives Stock Exchange Megadeals A founding partner of the boutique advisory firm, Bednar represented Deutsche Börse on its pending $30 billion merger with LSE. By David Rothnie Andrew Bednar admits that it would be tough to “They have to be; otherwise it would be hard to make enjoy his work if he didn’t like his clients. Bednar, the kind of sacrifices required to get deals done.” who joined Perella Weinberg Partners as a founding Perella Weinberg ranked seventh worldwide among partner a decade ago, has spent the past six years boutique advisers last year, according to Dealogic, advising the world’s biggest stock exchanges on working on 27 deals with a collective value of $81.4 an unprecedented wave of consolidation that billion, down from first place in 2014, when it advised culminated in March, when he served as lead banker on 24 transactions worth a combined $79.6 billion. to Deutsche Börse Group on its planned $30 billion Bednar didn’t take the traditional route to tie-up with the London Stock Exchange. “My clients investment banking. Born in New Jersey, he earned become my friends,” New York–based Bednar says. a BS in biology and an MBA from Cornell University and a doctor of law degree from Columbia University. crisis hit two years later, the firm benefited as While he was in business school, a professor helped companies turned to independent firms for counsel. him to find a summer internship at the National “We didn’t anticipate the crack that emerged in the Bank of Hungary’s Budapest office in 1990, just after system, but as advisory-only bankers we’d noted the Berlin Wall had come down.
    [Show full text]