Although the sudden seizure of the credit markets and the subsequent swoon of the economyafflicted the titans of the industry most severely, it is now beginning to affect boutiques too,as mergers dry up. But Mr Moelis has already experienced such a drought, during therecession of the early 1990s, when he was head of investment banking at DLJ. At the time,rather than wait for M A deals to return, he decided to build expertise in loanrestructuring, to win business advising the many firms that were struggling with their debts.DLJs restructuring group became the market leader and Mr Moelis learned that When youhelp a client in trouble, you have a client for life. So he has repeated the trick at Moelis Company as the economy has soured: restructuring now makes up half its business.
尽管信贷市场的休克和随后经济的晕厥曾经严重折麽了这个行业的巨头们,现在随着并购业务的枯竭,它也开始影响精品小投行。但是早在1990年代初期的衰退中,时任DLJ投行部门负责人的莫里斯就经历过这样的大旱。当时,与其干等着并购收购交易回暖,莫里斯决定在债务重组领域建立专家团队,通过为众多受困于债务的公司咨询来赢得生意。DLJ的重组团队成为市场的先导,莫里斯也学到了当你在客户陷入麻烦的时候帮助了他,你就赢得了一个终身的客户。因此在经济低迷的时候,他又在莫里斯公司旧计重演,目前重组占了公司业务的半壁江山。
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