High paying boutique said to cut junior bankers in London
Eighteen months ago, Perella Weinberg Partners was all about hiking pay for its most junior staff. Now it seems to be cutting costs by showing junior staff out the door.
Reports on both Instagram and Wall Street Oasis claim that Perella is letting go of junior bankers, particularly - it seems - in London.
Spokespeople for Perella declined to comment. Bloomberg reports, however, that Perella is cutting 7% of its headcount or fewer than 50 people.
Lazard is also cutting jobs, and it too hiked pay.
First year analysts at Perella in London are thought to earn salaries of £80k. First year associates receive £120k; second years receive £130k and third years receive £145k. Bonuses can more than double this.
Revenues fell 13% year-on-year at Perella in the first quarter of 2023. And spending on staff compensation rose to 90% of revenues.
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