Deal doctors: You're hired
The Deal article, “Deal doctors: You're hired,” quoted Russell Reynolds Associates' Rebecca Glasman. She spoke about how hiring is on the upswing at turnaround firms and investment banks. The article is excerpted below.
"The firms don't want to be caught shorthanded if there's an increase in filings, which we haven't seen for much longer than usual," she said.
According to Glasman, an uptick in hiring is likely to occur in New York, Chicago and Houston - New York because it is a financial hub and Houston thanks to its connection to the energy industry. Chicago, albeit smaller, is the Midwest financial hub and has a concentration of restructuring professionals, according to Glasman.
With industries such as energy and retail struggling, it's little surprise that there is a void that needs to be filled with professionals with restructuring expertise.
Glasman said firms mainly are looking to hire "senior people with relationships in the market."
As far as compensation, paychecks for restructuring professionals will trend upward in the down cycle.
"Restructuring bankers live in cycles," she said. "They get paid in the up cycle because there is going to be a down cycle."
To read the full article, click here.