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The Boston Globe

Business

As defense mergers fall, banks readjust

WASHINGTON — The aerospace and defense industry saw a decline in mergers and acquisitions during the first part of the year as federal budget cuts set in, forcing banks and financial advisers that facilitate those deals to reconsider their stomach for the sector.

The result has been several months of staffing changes at finance firms as some decide to close their Washington offices or trim their workforce here, and others hire or open their doors in anticipation of the market’s eventual return.

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