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Go to newsletter preferencesSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. In today's big story, interest-rate cuts are almost certainly coming, but the relief won't be felt immediately . The big storyCrash landingKevin Dietsch/Getty, Tyler Le/BIOur bend-don't-break economy might finally have reached its limit. After a year of resiliency in the face of high interest rates, the cracks are showing in the US economy. But it's not a silver bullet, and the rate cut's effect will take time to make its way through the economy.
Persons: , Kevin Dietsch, Tyler Le, it's, Chelsea Jia Feng, Claudia Sahm, Madison Hoff, McDonald's, Jared Siskin, Bobby, Jordan Grumet, Justin Best, Brian Stauffer, Michal Kosinski, Rob Price, sompong, Seng kui Lim, Getty, Joe Biden's, Elon, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, Annie Smith, Amanda Yen Organizations: Service, Business, Relief, Getty, Fed, Amazon, Big Tech, Madison, Park Conservancy, Citadel, FIRE, Union Square Advisors, Nvidia, America Locations: resiliency, Central, Switzerland, Canada, Park, Paris, New York, London
Yet Justin Best, an investment-banking analyst at San Francisco-based Union Square Advisors, has managed to defy the ordinary. Between photo ops, celebrations, and press gatherings, Best, 26, sat down with Business Insider to talk about how he juggled his job as a banker and his intense training schedule. Best started at Union Square Advisors a few months after he competed in Tokyo in 2021. Jordan Vanderstoep, a rower a few years older than Best who previously worked at Union Square, also helped Best get the job. "So having places that support Olympic dreams truly makes it possible, and I'm happy to say Union Square is one of those."
Persons: , Justin Best, It's, Carlyle, I've, Alex Davidson, Devon Ritch, Jordan Vanderstoep, Best, Simone Biles, Mike Meyer Organizations: Service, San, Square Advisors, Team USA, Business, Drexel University, Square, Union Square Advisors, BART, Rapid, Olympics, University of California, USA national, Union, Wall, Games Locations: San Francisco, Paris, Tokyo, Philadelphia, East, University of California Berkeley, Europe, Los Angeles
"We're certainly telling clients to plan for longer timelines between signing an announcement and when a transaction closes," RBC's Sperduto said. Bankers noted the figure was on pace with the average amount of deals done in the five years preceding the pandemic. "There is still significant desire from both corporates and financial sponsors to transact," Gary Posternack, co-head of global M&A at Barclays, told Insider. But in 2023, bankers see more transactions receiving greater scrutiny from stakeholders. Vito Sperduto, the co-head of global M&A at RBC Capital Markets.
Here’s a look at how different financing instruments fared in 2022 and what’s ahead for 2023. Activity in the convertible debt market has picked up in recent weeks. Still, there could be financing opportunities for deals in 2023 in the form of syndicated loans, bankers said. “CFOs have to be aware of that and focus on cash conversion and margins,” he said, pointing to the increase in financing costs. “We expect deals will continue to get done,” he said, adding that those could however come with more oversight from lenders.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe're willing to sacrifice a little of the 'go-go growth' for profitability, says Union Square's SmithTed Smith, Union Square Advisors co-founder and president, joins 'TechCheck' to explain what a defensive business model means, the disconnect between potential business acquirers and sellers and the calculations for companies looking to sell.
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