By Kanishka Singh
(Reuters) – Boutique investment bank Perella Weinberg Partners is cutting about 7% of its workforce amid the coronavirus outbreak, a person familiar with the matter told Reuters on Wednesday.
The move will see a staff reduction of about 40 employees and is part of a strategic review, according to the source who did not want to be named.
The development was earlier reported by the Financial News website https://www.fnlondon.com/articles/boutique-firm-perella-weinberg-trims-about-7-of-workforce-as-dealmaking-plunges-20200603, which said that the move is expected to impact all regions and seniority levels, including some partners.
Perella Weinberg has been part of some of the biggest deals in the United States in the past few years, including the $3.2-billion buyout of SodaStream by PepsiCo (O:) and American International Group’s (N:) $5.56 billion acquisition of reinsurer Validus Holdings.
However, the coronavirus outbreak has taken a toll on takeover activity amid travel restrictions, shutdowns and economic uncertainty.
The company was recently among the financial firms hired by the U.S. Treasury Department to advise on providing tens of billions of dollars in aid to the airline, cargo and defense sectors, Reuters reported in April.
Perella Weinberg’s focus was to advise the Treasury on its negotiations with companies that are active in industries important to national security, sources told Reuters in April.
Chief Executive Officer Peter Weinberg founded the company with veteran deal maker Joe Perella in 2006.
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