Rumour has it that the US office of Whitney Group, a longstanding feature of the country's investment banking search market, is going into administration.
According to someone familiar with the situation, the US-based company has fallen foul of "an exceptional occurrence", as a result of which it is engaged in both civil and criminal proceedings.
Whitney's offices in London and Hong Kong are said not to be affected by the plight of their US counterpart. Nor does the problem apparently have anything to do with current market conditions.
Whitney suffered a blow to its Hong Kong business earlier this year when it lost some of its most senior consultants to Heidrick & Struggles.