Dealmakers warn that it could be 2021 before the slump in mergers and acquisitions bounces back, as the pandemic and resulting lockdowns lead many firms to either pull or shelve transactions. 

Senior bankers told Financial News that while they’re in near constant dialogue with clients about their shopping lists, an inability to hold in-person negotiations has played a part in torpedoing deal chances. M&A is a particularly relationship-driven area of banking, where the ability to wine and dine clients can play a critical role in clinching adviser fees.