Boutique bank PWP had a decent 2025 in London. Pay fell drastically
Boutique investment bank Perella Weinberg Partners (PW) did not have a very good 2025 globally. Revenue fell by 14%, and the firm’s compensation fell by 32%. But what about in London?
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Full year 2025 figures for the firm’s UK subsidiary, Perella Weinberg UK Limited – which were published today – suggest an answer: PWP’s London office did great. Mostly. Advisory fee income increased by 30%, reaching £77m ($102m), but total revenue decreased slightly – from £119m ($160m) to £118m ($157m).
Why? Well, because “related party income” fell by 32%. This is because PWP re-allocated profit and loss globally, and even with London performing well, “profits and losses have been allocated such that each affiliate earns the same operating margin,” the firm’s accounts explained.
PWP’s Londoners, despite their success, suffered. The firm paid an average of £339k ($454k) in 2025, which was 31% down on the £490k ($657k) it paid on average in 2024. That’s basically on par with what happened globally.
For what it’s worth, it’s not like PWP’s Londoners took the brunt of the global pain. The highest-paid director at PWP – very likely Dietrich Becker, the firm’s president – had his or her pay cut from £24m ($32m) to £5m ($7.2m), a 78% decrease. Ouch.
The only real upside is that the firm increased hiring in 2025 – from 161 people to 170. The increase was driven by an increase in advisory professionals, 10 of them to be exact, and a decrease in “administration” employees.
It’s not entirely clear how many of those new 2025 faces are still there now. It was announced in May this year that PWP was planning to cut 10% of its workforce, which would be around 17 people in London. It’s also not clear how those cuts will mix with PWP’s acquisition of Gleacher Shacklock, its 28 people, and especially the presence of Tim Shacklock, formerly London’s highest paid banker.
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