Perella layoffs?
Just came across this: https://www.efinancialcareers.com/news/perella-we…
Can anyone confirm whether there were any cuts at the junior level, or is it only at the senior level?
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It's team-specific, juniors and seniors.
which team? Heading there as a SA so would appreciate the intel...
There have been some in the Fintech team as well a couple of months back. Head of team + one of the mid level guys
There were some layoffs in the FIG & Tech team AFIK. Not sure which team is it this time (source: tried to lateral but went with another firm)
Looking at their recent earnings report, no wonder they'll have to lay off some folks... It's nice to hand out those chunky bonuses, but you gotta back it up with sufficient fees which they don't seem to have
Lol a PWP hater. Moelis and Laz had underwhelming quarters too lol. Only “independent bank” that had a good quarter was PJT and that’s just partially due to timing with their deals. It’s also one quarter lol.
Andy Tam and the other Santander guys were doing sub 50MM insurtech capital raises (Santander guy did the spruce Zillow deal but otherwise rel quiet). Tough positioning vs your medtech/industrial/consumer group with plenty of large cap clients.
As someone who isn’t particularly knowledgeable about this stuff, why would/does PWP take on these insanely small capital raises? Looking at their previous transactions, it seems like they’ve got quite a few of these. What’s in it for them? I can’t imagine the fees are particularly good
MOE didn't have a bad quarter. They posted great numbers and surprised on EPS.
PWP missed by nearly 250%. "Underwhelming" is a huge understatement of PWP's performance.
The Shockwave Medical deal got PWP a $100mm fee - I think they’ll be okay
no way
What about Blackrock GIP? That’s another pretty massive deal
edit: curious on Holcim too — have zero clue what fees would look like for a massive (30bn) spin out like this
Always saw PWP and GHL as the only "nice" EBs that tend not to cut their workers.
What a coincidence that both cut some bankers at the same time (heard GHL also let go of some underperforming MDs recently).
What is GHL? Guggenheim?
Greenhill
LA office of PWP at risk from what I’ve heard in NY. Lot of very expensive hires over past couple years that are yet to contribute meaningful revenue. Bunch of failed sellside processes recently. Sounds like they made a bet on some junior MDs to be rainmakers and it hasn’t turned out that way… at least yet. We will see how it unfolds.
LA office about to be closed.. Other than HOU and SF, PWP regional offices aren't doing great
lol wouldn’t be too sure about that…LA office just brought in a new partner.
Yeah not too sure if that intel is true. Pretty familiar with the LA banking space and while PWP LA does have a couple MDs who aren't that productive, they also have one of the most productive industrials seniors in PWP US as well as arguably the heaviest hitting energy banker at the firm, and they just brought over a new senior from Lazard apparently. Those aren't signs of a closing office.
Anyone from the office can confirm? This would be crazy given how recently it opened
While I’m not doubting the article itself, the linked article re bonuses can’t be right. No way PWP first year associates are making 600k
that website is known to write a load of bollocks
The first year associate bonus numbers in that article were closer to all in vs bonus.
no way first year associates are making 600k at fucking Perella, what is this BS
Heard that the Head of Fintech in the London office was laid off. This guy was poached 2-3 years ago to establish the Fintech / FIG M&A practice and apparently no M&A deals closed (correct me if I'm wrong). The group was being carried by the capital raises deals which were brought by a different partner
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