Firms that specialize in advisory work on mergers and acquisitions are likely to stay in business (and provide future jobs), because of the growing demand for independent opinions. That’s the feeling of Alan “Ace” Greenberg, the former CEO of Bear Stearns (until 1993), according to a report by Bloomberg.
Nevertheless, Greenberg said the investment banking model that he helped pioneer at Bear Sterns is “dead” – killed off by rumor mongering. “There’s no more Wall Street,” Greenberg, 81, said in an interview on Bloomberg’s “Money & Politics” television program. “That model just doesn’t work because it’s at the mercy of rumors” and that “rumors can start and turn into a self-fulfilling prophesy.”
As we’ve mentioned before, boutiques are expected to fill the gaps in services left by crumbling bulge bracket firms. And now, one would be wise to explore firms that specialize in advisory work on mergers and acquisitions when hunting for an investment banking job.