Pay at boutique bank Perella Weinberg is declining. Apparently that’s ok
Q2 reporting season for America’s boutique investment banks has drawn to a close. The last bank to report, Perella Weinberg Partners, did so today. The results were underwhelming.
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Q2 of 2026 revenues were up by just 1% on the same period in 2025, and H1 revenues were down by 17% from the same period last year. That was not good. Every single major investment bank posted positive H1 M&A revenue. Evercore was way up. PJT was up. Lazard was also down, fine, but that’s hardly good company to be in.
Pay, consequently, was down from around $368k per person in H1 to around $340k per person, an 8% decline, roughly. We say “roughly” because PWP doesn’t fully disclose headcount - but this quarter, like the last few before it, it simply said that it had “approximately 700” people.
One place that PWP has been happy to add is its partner count. The firm added 10 partners so far this year, as well as 11 managing directors. That number will increase in the third quarter; the firm noted that it intended to close its acquisition of London boutique Gleacher Shacklock then.
CEO Andrew Bednar seemed exceptionally upbeat about the revenue decline. “Momentum continues to build across our business,” he said.
PWP also declared a promotion of eight of its MDs to Partner status; interestingly, six of them have exactly 15 years of experience, according to PWP. One of them has 20 years, and one of them has 12 years; Adam Lubart, who joined the firm from American Express, where he was a finance manager.
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