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Banks pull restructuring pros out of retirement to cope with coronavirus ‘storm’

Citigroup, HSBC and Lazard are among firms set to capitalise on rising demand for restructuring

Old hands: banks are pulling restructuring specialists out of retirement to cope with an expected surge in companies entering administration, as retailer Debenhams did earlier this month
Old hands: banks are pulling restructuring specialists out of retirement to cope with an expected surge in companies entering administration, as retailer Debenhams did earlier this month Photo: Getty Images

Investment banks are retraining staff, hiring and convincing retirees to come back to the front line in expectation of a surge in restructuring work resulting from the coronavirus crisis. 

Restructuring specialists have been perpetually underworked over more than a decade of cheap debt, and during one of the longest mergers and acquisitions booms in recent memory. 

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