Tech merger firm Broadview cuts staff
The advisory firm is letting go 25 percent of its 295-person staff as technology mergers fall off significantly from last year.
The layoffs affect investment bankers, analysts and support staff in the firm's four offices in Fort Lee, N.J., California's Silicon Valley, Boston, and London, said Brian Hickey, director of communications.
"In the face of unprecedented challenges in our current market environment, we have taken a close look at Broadview's business and are executing a plan designed to ensure the competitive strength and long-term success of the firm," Hickey said in a statement.
While the declining economy has prompted several companies to look for partnerships, overall, technology mergers have fallen off significantly. Broadview's own study found that the number of tech mergers through the first six months of 2001 fell 55 percent compared with the first half of last year, and that the value of those deals was off 82 percent.