两家华尔街精品公司的合并因高级银行家对留任奖金持异议而告吹。
A merger between two Wall Street boutique firm collapsed after senior bankers balked at their retention bonuses.
据知情人士透露，顾问公司佩雷拉·温伯格合伙人公司（Perella Weinberg Partners）与投资银行派珀桑德勒（Piper Sandler）的交易原计划向佩雷拉的顶尖业绩者支付合并后公司价值250万美元的股票，以留任长达三年。其余合伙人则被分层，提供50万美元至150万美元不等的奖金。
The deal between advisory firm Perella Weinberg Partners and investment bank Piper Sandler envisioned paying Perella’s highest producers $2.5 million in shares of the combined company to stay on for as long as three years, according to people familiar with the matter. The rest of its partners were split into tiers and offered bonuses of between $500,000 and $1.5 million.
佩雷拉首席执行官安德鲁·贝德纳（Andrew Bednar）曾分别致电部分合伙人，说明其留任方案并测评其反应。知情人士称，反应几乎一致为负面，有银行家直言这些报价“令人冒犯地低”，远低于该公司顶尖交易员年收入的数百万美元。正是这种反对导致谈判最终破裂。金融时报（Financial Times）此前已报道该交易告吹。佩雷拉发言人未回应置评请求。
Perella CEO Andrew Bednar called some partners individually to describe their retention packages and gauge their reaction, the people said. They were almost uniformly negative, with the offers deemed “offensively low,” in the words of one banker, compared to the millions that top dealmakers at the firm make per year. That opposition led to the talks ultimately falling apart, some of the people said. The Financial Times earlier reported that the deal had collapsed. A spokesperson for Perella did not respond to requests for comment.
佩雷拉·温伯格于2020年上市，其股价自去年初以来已跌幅达五成。贝德纳今年早些时候曾寻求与至少一家其他银行达成协议，尽管只有与派珀的谈判有所进展。
Perella Weinberg went public in 2020 and had seen its shares lose half their value since early last year. Bednar had sought a deal with at least one other bank earlier this year, although talks only progressed with Piper, some of the people said.
知情人士称，未来数周数月内，佩雷拉将迎来一波人才流失。 rival 银行的猎头已开始接听电话并主动出击。银行家不愿在问题公司工作，而寻求达成协议恰恰暴露了这一问题。作为谈判中的弱势方，佩雷拉在与派珀达成一致前，已数月来一直在寻求某种形式的交易。
Expect to see a wave of departures from Perella in the coming weeks and months. Recruiters at rival banks are already fielding calls and making their own, I’m told. Bankers don’t want to work at troubled businesses, and seeking a deal signaled just that. Perella, the junior partner in these talks, had been seeking some kind of deal for months before alighting on Piper.
银行家，尤其是雨制造者（rainmakers），自尊心极强。要将他们留住本就不易，但这是像此类人才驱动型并购的关键一步。未能做到这一点，恰恰凸显了公司在尝试达成交易时所承担的风险。
Bankers, especially rainmakers, have healthy egos. It’s difficult enough to lock them up, but it’s a critical step in talent-driven mergers like this. Failing to do so highlights exactly the risk that companies take when they try to strike deals.