If you are star banker, the move in the last decade has been to hang out your own shingle. A document filed in the legal fight between boutique bank Perella Weinberg Partners (PWP) and a team of dismissed restructuring bankers shows us why.
If you did not read the 2016 FT Big Read, heres a summary: PWP summarily fired the four bankers on Presidents Day 2015, after it said it uncovered a plot by the group to leave and start their own boutique bank, allegedly in violation of their employment agreements. That group denies those charges and has counter-sued, claiming that PWP had marginalised and short-changed the restructuring team and simply wanted to seize the $60m in equity they held.
In their complaint, PWP accuses certain members of the …
Read the full article at: https://ftalphaville.ft.com/2018/08/09/2199748/the-spoils-of-being-a-partner-at-an-investment-bank/