UPDATE: According to a spokesperson for Perella Weinberg, "There has been no communication to our employees regarding compensation – written or verbal. Overall, our firm has had a good year and that will be reflected in bonuses."
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From the front lines:
"Last week, PWP junior and mid-level bankers were told to expect significantly lower bonuses than last year. Many partners and MDs are forgoing bonuses. We were told that bonuses would be down materially because of:
1. Poor advisory performance - lots of large missed deals, many of which included boutiques, such as Abvie, Cigna, Liberty, Heniz/Craft, Allergan, Teva, SABMiller, EMC, etc. Also, revenue is significantly smaller than closest comps.
2. Departure of key employees.
3. Inability to raise capital. Failed attempt to do a secondary private financing, with quoted terms well below value of prior rounds and recent partner equity option grants.As you can expect this has killed morale and exit visas are imminent."
