Are PWP and PJT on the decline?

Just based off of a few data points noticed that both PWP and PJT NY haven’t done that well (on a relative basis vs. other top independents in 2021) and are starting to lose talent.


Is this mostly anecdotal based on my network or an actual thing?

13 Comments
 

imo, it could be just their business model with volatility. If you're looking at Moelis, where they're churning out hundreds of middle-market (average disclosed deal size is ~$800mm) sponsor-backed sell-side deals, a weight each deal carries is a lot bigger at PWP ($2.4bn/deal) and PJT ($2.7bn). Ofc, this can't be an excuse, and both are not as active as other banks, but they should be fine.

 

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