Perella Weinberg Partners is set to cut almost 10% of its global workforce, including around a dozen partners, as it redirects resources toward stronger-performing business areas, according to a report by Bloomberg citing an unnamed person familiar with the matter.
The reductions will primarily affect industry sub-sectors that have underperformed relative to broader market activity, the person said, speaking on condition of anonymity due to the private nature of the information. The firm confirmed that close to one-tenth of its roughly 700 employees will be impacted.
The move represents the most significant headcount reduction at the firm since 2023 and comes at a time when its shares have lagged peers, rising just 2.4% over the past year compared with a far stronger performance at rivals such as Evercore Inc.
Financial results have also come under pressure, with Perella reporting a 30% decline in first-quarter revenue. While its deal pipeline has reached a two-year high, management has highlighted slower execution timelines as clients remain cautious amid ongoing macroeconomic uncertainty and larger, more complex transactions.
The firm has historically been particularly active in energy advisory, a segment currently facing subdued deal flow. Management has pointed to a limited number of large transactions in the sector this year, with chief executive Andrew Bednar noting that activity above the $1 billion threshold—traditionally a core focus—has been notably scarce.
Broader market conditions have also weighed on sentiment in energy and sponsor-led transactions. The firm has indicated that private equity activity, which has historically represented a significant share of revenue, remains subdued due to compressed valuations and cautious capital deployment.
Industry-wide, investment banks are continuing to adjust headcount and cost structures. Firms including Citigroup Inc. and Standard Chartered PLC have announced workforce reductions or restructuring plans in recent months, reflecting ongoing pressure to improve efficiency and adapt to slower dealmaking environments.
Perella’s adjustments come alongside continued strategic expansion efforts. The firm has recently pursued acquisitions aimed at strengthening its advisory capabilities, including the acquisition of UK-based Gleacher Shacklock and alternative asset advisory specialist Devon Park Advisors, which contributed to the formation of its private funds advisory platform.
The firm’s restructuring is not linked to its artificial intelligence initiatives, according to the source, with no workforce reductions currently attributed to automation-related programmes.
