One side effect of the backlog of companies working their way through investment banking pipelines is declining company quality and a shift away from relationship banks, said panelists at our Most Influential Women SPEAK event. Sell-side companies attempting to come to market amidst a record M&A bottleneck last year were often unable to work with their relationship banks, prompting a shift to tier 2 and 3 banks. Those targets still in queue reflect that shift, with a larger proportion represented by lower tier banks, says Lauren Mulholland, founding partner, MiddleGround Capital.
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