After firing its head of restructuring and four other bankers, PWP is back in the news. Apparently, a PWP banker was tipping his father about the pending healthcare M&A transactions, "that allegedly reaped more than $1 million in illicit profit -- and helped pay for his wedding."
I understand that although the firm itself is not involved, the conflict-free advisory is the biggest selling proposition of EBs. To what extent will such incidents affect the reputation of PWP? Any thoughts?
Bloomberg: http://www.bloomberg.com/news/articles/2015-05-14…
Will it really have a huge effect? If a banker want's to insider trade, there's really nothing PWP can do to stop him/her.
PWP can't get a break. I'm sure long term they will be fine but it has definitely been a rough year.
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