Here's exactly how much boutique banks like Evercore and Moelis are saving on travel and entertainment while globe-trotting dealmakers are grounded
Courtesy of Stephanie SmoldersBoutique banks' travel expenses dropped dramatically in the second quarter, reflecting the move to Zoom during the pandemic.
Some bankers and executives who have recently taken companies public say they're enjoying aspects of the virtual environment, like roadshows over Zoom instead of two-week, nonstop travel across cities. Boutique banks' travel expenses have dropped dramatically as normally-globetrotting dealmakers stayed home and cancelled restaurant reservations.
The figures shed light on how much the firms spent on keeping clients happy face-to-face pre-pandemic — and show how any rethink of travel going forward could translate into big cost savings. Here's how much banks' travel spend declined in the second quarter.Yuqing Liu/Business Insider
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