KUHN CAPITAL Sunday, February 25, 2018
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Wall Street Emulates Kuhn Capital!

August 5

The Daily Deal ran an article today describing how the giant banks are adopting a boutique M&A group structure to spare high-priced talent from the cost-cutting ax.

In the old days (1995-2000), big investment bank M&A groups grew like Topsy to handle torrents of deal volume. Now, reports The Daily Deal, these same groups are shrinking or even disappearing in favor of industry-specific concentrations of full-service boutiques.

JP Morgan Chase, Morgan Stanley, Salomon Smith Barney and CSFB have all shuffled many of their M&A bankers into specialized industry groups, e.g., information technology, healthcare, etc. Goldman, Sachs has eliminated its US M&A group entirely, moving the survivors into such industry-focused groups.

We are pleased the larger firms have apparently concluded that deeper industry knowledge, like our long-standing concentration in IT (rather than functional expertise in the arcana of M&A deal-making), leads to greater client value.

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