“With this steep decline in revenues, there will be lay-offs. Some have already quietly started. And we predict that it’s going to precipitate [accelerate] into the end of the year,” said Chris Connors of Johnson Associates, a pay consultancy in New York. Mayo said M&A advisers are less likely to get axed as companies are still using deals to adapt to a post-pandemic world or to find ways to grow in a downturn.

Financial Times / July 25, 2022