Meridian Reduces Support and Back Office Staff in Wake of COVID-19
As the coronavirus pandemic continues its spread in the country’s epicenter, New York City, Meridian Capital Group has begun a “small number” of layoffs within corporate support and back office groups, sources told Commercial Observer this morning.
“The unprecedented economic realities of this public health emergency have touched literally every sector of the economy,” a statement from the firm that was emailed to CO in response to an inquiry regarding the layoffs, reads. “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. Accordingly, we have determined the need to reduce a small number of support roles and back office functions.”
The statement goes on to state: “This is not a decision we take lightly, however we believe it is prudent to ensure we can continue the highest level of performance for our clients. Despite the market’s downturn, we are extremely active and our deal pipeline remains robust, reflecting the inherent confidence our clients have in our nation, our shared economic future and the professionalism of this firm.”
Headquartered at One Battery Park Plaza, across the street from Commercial Observer’s offices, Meridian is one of the city’s most active brokerages. Ralph Herzka founded the firm 30 years ago, growing the firm’s presence nationally into the behemoth it is today. A constant figure on CO’s Power 50 list, in 2018 Meridian closed $37 billion of transactions, including $20 billion worth of debt deals in New York alone.
“During this pandemic we will remain as focused as ever on our clients as well as the health and well-being of our employees, their families and loved ones,” the statement ended.