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00:02Perella-Weinberg Partners is cutting nearly 10% of its roughly 700-person workforce,
00:09including about a dozen partners, as the New York-based investment bank redirects
00:13resources toward higher-performing areas. The reductions are concentrated in industry
00:18subsectors that have lagged behind the broader market, according to Bloomberg.
00:22The bank posted a 30% drop in revenue in the first quarter,
00:26and its shares gained just 2.4% over the past year, compared with Evercore's nearly 47% increase.
00:33Its deal-making backlog reached a two-year high, but executives warned larger transactions and
00:38client caution amid economic uncertainty are slowing deal closures. CEO Andrew Bednar cited a slowdown in
00:45energy deal-making, with only three transactions above $1 billion in the sector. He warned that
00:51a revival in financial sponsor activity may take longer than expected. The cuts are unrelated to
00:57the firm's AI initiatives. For all things money, visit Benzinga.com.
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