Fri, 17 May 2013
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Revealed: A&O to axe half of its leveraged finance practice
The graph speaks for it self, is should be perfectly clear to anyone who is not "sticking their head in the sand" that this sector is not going to recover to 2007 levels for some considerable time, if at all in the foreseeable future.
The best that can reasonably be hoped for is a recovery to 2005 levels, on that basis the cuts will probably (ignoring re-deployment) turn out not to be as deep as would be required to match staffing to the levels of activity this side of 2012
It was as clear in May 2007 that this sector was going to be severely damaged by the credit crunch as it was that the Northern Rock business model was completely unsustainable thus one does wonder how many A & O has "lost" from this department already.
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