Meridian Capital, the city’s most active debt brokerage, has decided to reduce “a small number” of support and back-office roles as the COVID-19 pandemic grinds the economy to a halt.
“The unprecedented economic realities of this public health emergency have touched literally every sector of the economy,” read a statement Meridian provided to The Real Deal. “ Businesses on every level have a fiduciary responsibility to chart a course today that will ensure it can be a strong participant in the recovery that will follow tomorrow.”
Meridian is by far the most active debt brokerage in the city. But it gets there by doing a high volume of relatively smaller deals, which requires a large workforce.
Some other brokerages in the city have already made moves to cut costs.