Jay Clemens
Federal budget cuts have reduced mergers and acquisitions in the aerospace and defense industry in the first quarter of 2013, causing financial services firms to lay off some analysts, the Washington Post reported Sunday.
Citing a report from advisory firm Deloitte, Steven Overly writes M&A activities in the sector declined in number by 40 percent to 25 in Q1 2013 compared with the Q4 2012 figure.
The drop has forced financial services companies, including Lazard, BB&T Capital Markets and Lazard Capital Markets, to trim their headcount or close offices in Washington, the Post reported.
On an average, the M&A deals earlier this year amounted to $88 million, reflecting a 77 percent drop, according to Deloitte's report.
