Bonus Watch '15: Perella Weinberg Tells Employees To Keep Expectations Low To Really Low (UPDATE)

Apparently this is not the season to get one's hopes up.

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."

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."