Wild excitement at Perella Weinberg! We understand that the M&A boutique has given London staff their 2016 bonus numbers and that they're a) huge and b) the bonuses are being paid entirely in cash.
In the light of the new numbers, recruiters say some vice president (VPs) at Perella are now on total compensation of £500k ($631k), while associates are on £300k ($379k). This is significantly above market: last year's compensation survey by recruitment firm Dartmouth Partners put total compensation for VPs and associates at £320k and £200k max respectively.
Perella Weinberg didn't immediately respond to a request to comment on its alleged generosity. The bank is considered a "tier three" (or below) player by the UK's Financial Services Authority, leaving it impervious to the European Union's bonus cap and free to structure its bonuses however it wishes. Jefferies has similar leniency in London, but imposes nasty clawbacks on senior staff who leave.
If Perella's junior and mid-ranking bankers are super-happy, the same can't be said of juniors elsewhere. Some London Morgan Stanley IBD bankers are said to have been paid down 15% on 2015. London headhunters said Goldman Sachs IBD associates have been "overjoyed" and are mostly flat on last year, although some VPs at the bank are unhappy as, "the spreads are so wide."
Perella Weinberg ranked 15th globally and 19th in Europe for announced M&A in the past 12 months according to Dealogic. Our own research suggests it's not even the best paying M&A boutique in London. During the last year for which figures are available (2015), that accolade went to boutique Robey Warshaw. Maybe Perella's catching up?