Increased staff turnover in the banking sector has led more companies to push for so-called “key man” provisions in merger deals to ensure they are not penalised if advisers move.
Bankers say that drastic cuts in the advisory businesses of big investment banks, as well as numerous departures by senior dealmakers, have rung alarm bells among corporate clients.
“A lot of banks have seen six rounds of cuts this year. This is freaking out executives,” said the head of a large investment banking division. “The stability of a bank’s workforce has become an important issue. There is rising demand from executives for key man provisions in engagement letters.”
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