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.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States United States Latest News, United States United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Tom Cruise will travel on Elon Musk's SpaceX rocket to film in space - Business InsiderTom Cruise is filming the world's first action movie in space — and he'll get there using Elon Musk's SpaceX rocket RIP Tom Cruise very excited. dont kill him elon 😳😅😅
Source: BusinessInsider - 🏆 729. / 51 Read more »
I used to spend $1,000 a month on travel, now it's going to retirement - Business Insider'To follow Warren Buffett's famous advice, I'm being greedy when others are fearful. You can look at a market crash as a sign to stop investing, or you can look at it as a discount on stocks that will almost surely go back up in value again.'
Source: BusinessInsider - 🏆 729. / 51 Read more »
Investors bet against Warren Buffett as airline ETF sees 1600% surge in fund flows - Business InsiderThe US Global JETS ETF has seen a surge in assets since the coronavirus pandemic caused a massive sell-off in airline stocks. Love to see how this plays out! All aboard the germ tube express! hblodget Ryan_Dagner
Source: BusinessInsider - 🏆 729. / 51 Read more »
Trump says doing too much coronavirus testing makes the US 'look bad' - Business InsiderTrump, on more than one occasion, has signaled he cares more about optics than fully grasping the scale of the coronavirus outbreak in the US. Trump thinks he can gaslight a virus. BVC. BATH ADVANCED COMMUNICATIONS Antibody test, which is ready in a couple of months that’s what we want. Come on Very misleading headline—all he’s saying is that high testing = high case count. Wouldn’t expect this from but this is becoming a theme. This is very true—many Americans do not recognize the causative effect that massive amounts of testing have on case data
Source: BusinessInsider - 🏆 729. / 51 Read more »
Eastdil Secured: Real estate deals volumes have dropped off - Business InsiderThe CEO of real estate heavy-hitter Eastdil says dealmaking has dropped 'precipitously,' and warns things won't improve until debt markets thaw I see two options for the future, am I missing one? 1) The economy experiences massive inflation caused by the injection of newly printed money and the need to keep credit flowing. 2) The Fed has to jack up interest rates to pull in all that extra money to prevent inflation.
Source: BusinessInsider - 🏆 729. / 51 Read more »
Fintech Accelerators report from Insider Intelligence - Business Insider[NEW REPORT] Fintech Accelerators: insider_intel spoke with key figures within the accelerators of top banks to find out more about how they run their respective programs insider_intel
Source: BusinessInsider - 🏆 729. / 51 Read more »