10% Workforce reduction at PWP
10% Workforce reduction at PWP. Cuts started today and are currently being communicated. Multiple sources.
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What do cuts like these actually look like? Is it 10% all across? Is it mainly VPs and underperforming MDs? Also which offices are most affected?
Impacted all levels, though different groups saw varying degrees of reduction
Is this going to be common in other EBs or is PWP just struggling?
Evercore cut 15% earlier this year buddy.
Didn't mean to offend you but EVR cuts were before COVID. My question was referring to post-COVID outlook.
it was 6% per PR, and gotta look at details. however, not a good sign.
bank cuts are going to be Jun-Jul, they tried to ride it out but have already been discussing ways to deal with prolonged economic environment.
and this 13.5% unemployment rate.....inputs can be misleading
Expect more of this activity. Stock market seems to reward these cuts.
isn't pwp private?
Will all the PWP stans please come out of the wood works?
Any idea how/if this affects TPH?
I'm assuming this is for the bottom 10%, which in that case, doesn't this happen at every bank every year?
Do you work at PWP, or did you hear this anecdotally?
It's on Reuters, and according to them, the number is more like 7%.
Wondering how this affects return rates / FT lateral hiring
Can confirm unfortunately.
How would this affect Summer 2021 interns; just signed an offer and I can’t really renege either cause my school is a target so can get back to OCR
Would expect your offer to be revoked right after SA 2021 recruiting ends
What groups/offices saw the cuts specifically?
To everyone getting worried about these cuts-
banks lay off all the time. Every year they hire a bunch of new analysts/associates and promote a bunch of VP/D/MDs. Some of them will always not live up to what is expected, and they get fired. Don't be in the bottom 10% and chances are you are safe. You incoming interns are safe. This probably won't impact FT hiring. You get the picture. When you've actually worked at a bank, it's amazing how many truly incompetent people you'll encounter. The first associate I worked for was absolutely useless and so lazy, and I was amazed he had a job. He got laid off the next year, and I can say he 100% deserved it. Everyone who's worked in IB knows how much fat there is to trim at any bank.
Obviously this cutting is more extreme due to COVID (I would hope everyone here is smart enough to realize that a global pandemic that freezes the global economy will slow down investment banks along with every other aspect of the economy), but it's not out of the ordinary for this industry. Some banks are waiting to make their layoffs due to publicity and the virus. Clearly PWP isn't one of them.
I don't get what people on this site truly want. Some thread pops up about HSBC not paying bonuses because they aren't doing layoffs and everyone flips out about how that's not fair, and now PWP does layoffs and people act surprised. Lower income means you either pay everyone less or pay less people, PWP chose the latter. Obviously layoffs suck always and especially during COVID, but it's a fact of life in this industry.
Great post and 100% true.
Just as a heads-up:
> pay less people
It’s “pay fewer people”. Don’t know if there’s ever a polite way or way that doesn’t make the corrector look like a dick, but figured I’d let you know.
This was a low value post. Even I wouldn't post something like this and I'm a troll.
Based on the MS your getting, doesn't look like there is a polite way.
*heads-up pls fix
Wow, didn't realize this was GMAT Club's SC forum.
That one dude asking about the PWP stans when really he should have been worried about the Stannises
I'm with ya on the correction.
If you can count the thing you're talking about, it's "fewer."
There are no retirement parties on Wall Street...
Agree with this, except want to add that, more often than not, in situations like this, it's paying everyone less (e.g. salary cuts/zero bonus) PLUS pay less people (e.g. layoffs), rather than either one or the other.
direct source of info here:
they didnt cut many juniors mostly individuals / smaller coverage teams that have been under-performing for last 3 year this should have happened earlier. its a shame that it coincides with covid but you have to trim the fat.
Any idea which coverage teams? So mainly VPs and above?
Cuts do include analysts and associates
also wondering which coverage groups were hit hardest, and whether cuts were concentrated in New York or spread across offices?
I wonder if a lot of the cuts will come from underperfroming TPH deal makers - O&G is an industry in decline + recent oil price war + low gasonline demand = logical cuts from a bank that just bought out an O&G bank. Lets try and go beyond the headlines.
TPH has average deal flow for the industry and for their headcount. Additionally, they are covered up with RX work right now. The price of oil is rebounding to sustainable levels. Let's try and go beyond the headlines.
Lmao you tried to come off as smart but really you just sound like a dumbass
What is gasonline? I peeked behind the headlines but couldn't find it
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