As some of you may know, the last year has not been the best of times for Perella Weinberg Partners. In addition to the not so amicable departure of four partners-- which PWP fired and then accused in a lawsuit of "trying to form a rival corporate restructuring shop while still employed by the firm"-- bonuses were said to be down "materially," "killing morale" among the staff. Most recently, a coaching firm was hired to teach directors and managing directors how to bee more like Glengarry Glen Ross. Now, according to Charlie Gasparino, the firm is looking for a friend.
Investment bank Perella Weinberg Partners is in merger discussions with Tudor, Pickering, Holt & Co. in a deal that would reflect the dire conditions on Wall Street particularly among medium-sized banks, and the potential for new restructuring business arising from the shakeout in the U.S. energy industry, the FOX Business Network has learned. People with direct knowledge of the matter say if terms are reached between the New York-based Perella Weinberg and the Houston-based Tudor Pickering, a deal could be announced in the coming weeks. These people add that both sides might decide on entering into some type of joint venture instead of an outright merger and talks could also break down... Perella Weinberg, led by long-time banking impresarios Joe Perella and Weinberg is in need of restoring the firm’s once vibrant business of restructuring companies that are in bankruptcy or headed there, following the tumultuous departure of their expert in that area, Michael Kramer.