and they've been coping by redeploying junior bankers and leaning on senior industry coverage bankers.Far from gumming up business, the shift to remote work, a notion that many bank execs would've scoffed at pre-crisis, has actually facilitated greater productivity. In the age of the coronavirus, Wall Street bankers — already notorious for long hours spent curating a white-glove experience for clients — are finding they can provide even closer attention and care from afar.
"We're not traveling, we're not spending all the time coordinating meetings. We're just getting on phone calls, video conferences, exchanging messages with clients," Taubman said. "And I think we're able to spend a lot more time for every minute of every hour, and every hour of every day, engaging with clients without any wasted time. So I think it's also enabled us to be far more intense and far more efficient.
But in part, the explanation is rooted in a culture that revolves around optics. It's not enough to provide quality advice and service — you need to be seen expending the hours and effort to provide that service. Hopping on flights to provide in-person face time. Spending hours at restaurants entertaining. Trekking into the office on the weekends.
The complex financing that accompanies M&A — which encompasses legal, structural, valuation, social, and tax and accounting issues and the myriad personnel to address them — isn't well-suited to the Zoom era, either, according to Zogheb. But having been forced into an industry-wide remote work situation, they're finding less of an incentive to get back to business as usual. Investment banking as a remote service strips out substantial costs associated with travel and entertainment. Operating a brick-and-mortar workspace is far more expensive than employees working from their living rooms.
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