Perella Weinberg cut pay in 2022 – to $839k per head
Elite boutique Perella Weinberg Partners (PWP) has released its fourth quarter and end of year results for 2022, and… Well, it’s all relative, but pay took a hefty cut.
Although the bank didn’t give exact headcounts, it said that it had “approximately 650 employees”, compared to the “approximately 600” of last year.
With total compensation for 2022 listed as $545m across the firm, this suggests average pay per head was “approximately” $839k. Compensation per head in 2021, with the same degree of accuracy, would have been “approximately” $1m. PWP acknowledged that a high level of compensation was necessary “to attract, motivate and retain talent.”
The trend follows fellow boutiques PJT and Evercore – both of whom increased headcount and paid less. In a statement on the results, founder Peter Weinberg called the boutique’s performance “a great testament to the firm” that in spite of a difficult operating environment it “continued to grow our partnership, our MD group and the firm.”
And indeed, the bank did grow both its partners and MD group – 14 managing directors were added over the course of the year, as were eight partners in 2022. Two more partners have been added since the start of 2023, too.
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