Piper Sandler in talks to acquire PWP
What are people’s thoughts on this? Likelihood of closing? How do you think PWP and Piper Sandler employees will be impacted?
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Couldn’t have happened to a worse group of people. Hopefully the low hanging fruit gets booted.
I don’t think any new grad losing their job is something to root for
If they work at an LLM shop then it is.
Hahahahahaha, so many bad apples at that shop. Had a real smile on my face when I saw this one.
I hope to god PWP bankers are scrambling right now. Such assholes
Wow this is almost as bad as Mizuho Greenhill, writing was on the wall with how bad PWP is doing
Congrats to all the Piper analysts who can finally tell their Evercore peers that they work at an EB now as well
Interesting. Perhaps cutting 10% of their workforce including 12 partners in Feb was a preview. A lot of people forget that PWP is publicly-listed. They did buy a boutique in the UK (Gleacher Shacklock), and have integrated the front office so not sure if that's an obstacle to acquiring them. Can imagine a lot of PWP juniors won't be happy, the partners may negotiate a good pay out nonetheless for early retirement.
We are in the midst of an ongoing wave within financial advisory - Mizuho / Greenhill, Mizuho / Augusta, Evercore - Robey / Lazard - Campbell (Laz paid a filthy premium and the partners got a good earnout structure). Think an RJ-Stifel merger is also bound to happen at some point, Rede, Asante and PWP also look like low hanging fruits.
Heard from recruiters that the Piper Sandler pay is a notch above street EB. On the junior side, if PWP benefits from that while not taking a big hit on culture/deal flow, I don't see how that is bad.
Great news for PSC analysts, can’t imagine PWP juniors are very happy.
Probably doesn't - Piper has been behind their peers for years in the O&G space (they might do one good deal a year to keep the lights on) so acquiring TPH is probably part of their strategy to gain market share inorganically
Piper Houston would get the boot in that scenario.
houlihan just acquired intrepid not piper
How would this affect incoming Piper interns?
If the txn closes likely some consolidation among bankers and back office. May be a way to offload shitty bankers
Incoming PWP 2027 summer intern here - how am I affected by this? Working in the NYC office and going for rx
You will be a Piper intern then
In the same boat. I think we will both be impacted by the ground after we jump out of our dorm windows once the transaction closes.
No one can say for sure. It could likely turn out like the UBS / Credit Suisse transaction. Especially given they had layoffs earlier in the year. I'd keep networking with other Rx groups just in case.
I’m in the exact same situation.
Congrats on Piper!
chillll
Another scam EB
Former PWP banker here pls ignore title. Absolutely fuck those guys. They all deserve to say they work at Piper Sandler or be fired.
God is good. Today is a good day
Anything to say now???
Isn’t ur share price down ~20%; almost at your 52-week low…..get back to the comments buddy.
I’m on the buyside and make more money than you. I don’t even see you as a human. Pls send me some CIM’s that aren’t dog shit
How would this affect RX. Piper Sandler has decently sized FI and DCM teams ?
TRS has been running fine despite it so wouldn’t imagine it to fuck up anything if anything rx might get stronger
Hmm didn't the poach a Moelis RX md
I think concern is that brand is diluted and top industry bankers leave which net net will hurt RX. Maybe not on creditor side but Company side business could dry up.
Nothing will happen in the immediate term. Incoming interns can relax. It took CS/UBS a while to integrate post-merger and need to imagine that while not nearly the same scale, this will take time too.
Once everything is integrated yeah pwp emails will switch to psc but won’t happen for at least a year imo
PWP is all of 600 people. Maybe 650 since the UK acquisition this year.
Piper Sandler took less than 6 months to close from announcement, so I think there's a chance this could close by year end.
Used to work there and not at all surprised this is their fate. At least it's not some random foreign bank taking them over.
Deal closing is not equal to being integrated. There is tons of post-aquisition integration work that needs to happen before the companies are truly combined. E.g., email, file systems, HR and payroll systems, finance & ERP, etc.
Point being while the headline firm name will be Piper for both, legacy PWP will likely still operate for some time
Interesting! Hope it doesn't impact the few folks I know at Piper.
PWP seniors have to be planning their exit at this point right?
Rationale?
Blue chip clients won’t like Piper name
Any idea how this will impact exit opps for PWP juniors trying to exit in the near term?
PWP exits haven't been great before... This acquisition by Piper Sandler won't help
Not really, currently at PWP and getting inbounds from all MFs
PWP better buck up or shut up buddy shits not sweet in the Upper Midwest. Them boys from Piper will Get after they ass on God
The Drexel Burnham energy of this deal is quite funny.
All this Piper slander in the comments….smh. I genuinely enjoyed working there AND was comped above my BB peers.
I also had decent hours, and exit ops were fine - work with plenty of ex. GS, JEF bankers in my current role.
To all the new grads, its not that deep and if your over 25 and you think it is that deep, then your probably insufferable and goofy as shit.
You’re* the man. Hope you enjoyed typing that out.
Edit: checked this guy’s post history and he’s been working in the industry since blackberries were a thing….Exhibit A
How are 80% of users on this post incoming / former EB analysts but don't understand very basic post-merger integration timing / chronology? There will be zero impact near-term. Even if transaction closed by EOY, this conversation still wouldn't be relevant until 2028/29. The ignorance here is either evidence of larp or the drastically diminishing effectiveness of technical IB rounds.
Are you regarded? It’s an unregulated advisory boutique, they have a few hundred people and functionally no balance sheet. Sign to close will be on the low end of low for a ~$1.3bn merger
If you’re an incoming PWP intern you should definitely panic
Seriously, this will be ancient history by 2029. Incoming full times should probably expect to be working at Piper if at all. There is not much complexity here beyond the Up C and TRA and that affects partners only.
Even if the effects are 2-3 years out, you don't want to be at a firm where more layoffs are likely to come. I can't believe you're arguing that this shouldn't have any effect on your career choices.
This was disastrous for UBS and CS juniors. This will likely be similar
Does anyone know what effect this may have on bonuses for employees at PWP?
Incoming Piper ANL, how does this affect me?
Heightened risk of layoffs…they’ll compare performance with PWP analysts and cut analysts from the weaker coverage teams
You think they’ll cut before SA stint?
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