Investment bankers who rushed to court clients in person after COVID-19 vaccines became available last year have been forced to cancel such gatherings at the start of 2022 as theBankers say the impact on dealmaking will not be as severe as 2020, when the pandemic started and global mergers and acquisitions activity fell to a three-year low. They expect the new surge to be short-lived and they have become accustomed to putting together deals virtually through online platforms such as Zoom.
“My motto has always been, if I’m not in front of my clients, someone else is. But I think this is just a different time. If people want to travel, and they are comfortable doing it, and they take precautions, I’m allowing people,” said Drew Goldman, global head of investment banking coverage & advisory at Deutsche Bank AG.have asked employees not to come to the office this month, as COVID-19 cases in the United States repeatedly break new daily records.
JPMorgan Chase & Co., Goldman Sachs Group, Morgan Stanley, and other big banks have encouraged staff to work from home to limit the spread of the virus. Some, such as, have gone further, implementing a “no jab, no job” policy to push employees to get fully vaccinated – barring employees who receive an accommodation or exemption.
Banks put on lavish dinners and wine-soaked meet-and-greets for clients. Some even rewarded staff with bonuses based on the number of clients they met.for the first time ever in 2021, according to Dealogic.