Behind the Money Inside an investment banking battle royale
Mar 12, 2025
Sujeet Indap, Wall Street editor for the Financial Times, shares insights from the gripping legal showdown between Perella Weinberg Partners and former star banker Michael Kramer. The discussion covers the decade-long feud highlighting power struggles and ambition in investment banking. Sujeet reveals the complexities of maintaining relationships and talent, as well as the intense personal drama that unfolded during the trial. He also touches on the precarious balance between integrity and ambition within the high-pressure Wall Street environment.
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PWP Founding and Kramer Hiring
- Joe Perella and Peter Weinberg, two finance giants, founded Perella Weinberg Partners (PWP) in 2006.
- They later hired Michael Kramer, an experienced restructuring banker, to lead that division.
Importance of Bankers
- Investment banking relationships belong to individual bankers, not firms.
- Losing key employees can severely impact a firm's business and client base.
Kramer's Firing
- Despite his success, Kramer's management style caused friction within PWP.
- On President's Day 2015, Kramer and three colleagues were abruptly fired for allegedly plotting to start a rival firm.