For Mark Goldstein, 2008 was the year when restructuring took on something of a personal meaning. Perhaps more than half of the London staff at the stricken Bear Stearns were made redundant when the bank was acquired by JPMorgan. Mr Goldstein was one of the survivors, and his new employers had a particular use in mind for his long experience of the high-yield bond and leveraged loan business, which extends through several credit cycles. He was involved in his first restructuring deal in 1988 and, 20 years later, he helped form the core of a new liability management business for Europe, the Middle East and Africa (EMEA) at JPMorgan.
Mr Goldstein speaks of having a core team of just four, including himself. But this disguises a much larger capability. The unit can call on about 120 frontline product or sector specialist staff from the vast capital markets and credit desks to work exclusively on liability management when required.
