(Bloomberg) -- Perella Weinberg Partners, the investment bank founded by Joe Perella and Peter Weinberg, is cutting its workforce by 7%, according to a person familiar with the matter.
The reduction, which amounts to about 40 people, is part of a review of the firm's global operations as dealmaking slows globally, said the person, who asked not to be identified discussing personnel matters.
A Perella Weinberg spokeswoman declined to comment. Financial News reported the job cuts earlier Wednesday.
Perella Weinberg's cuts follow similar moves by rivals including Evercore Inc., which began an overhaul of its operations before the Covid-19 pandemic forced businesses to close and halted progress on major deals. Lazard Ltd. also decided late last year to shutter some offices amid a realignment.
Investment banks enjoyed one of the biggest years for transactions ever in 2019, and some dealmakers have said mergers might still come together at the end of this year.
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