Perella Weinberg, Piper Sandler abandon merger talks, source says

Perella Weinberg Partners (PWP) and Piper Sandler (PIPR) ended merger talks, citing disagreements over financial terms and personnel. PWP shares dropped 19%. Piper Sandler's market cap is $5B, PWP's is $1B. Both firms face separate challenges in the investment banking sector.

Perella Weinberg Partners and Piper Sandler have ended merger talks due to disagreements on financial and personnel matters, according to the Financial Times. Perella Weinberg's shares dropped 16.3%, while Piper Sandler's rose 5%.

Perella Weinberg PWP shares fell 21% on reports that merger talks with Piper Sandler PIPR collapsed due to disagreements on financial and personnel terms. Piper Sandler declined to comment, while Perella Weinberg did not respond. The firms had been negotiating lock-up agreements with top bankers, but not enough agreed to the deal.

Shares of SoFi, BNY Mellon, Bread Financial, Perella Weinberg, and Morgan Stanley fell after September consumer price inflation data showed a 3.7% annual increase, raising Fed rate hike concerns. SoFi dropped 6.9%, BNY Mellon 3%, Bread Financial 3%, Perella Weinberg 4.2%, and Morgan Stanley 3.3%. SoFi reported Q1 revenue of $1.1B, up 42.8% YoY, but guidance missed estimates, leading to a 13.5% drop six months ago.

Piper Sandler (market cap: $5B) is in talks to acquire Perella Weinberg Partners ($1.4B). The deal would combine their M&A advisory businesses amid a 33% U.S. M&A volume recovery in 2026. Piper Sandler generated $1.9B revenue last year, while Perella Weinberg's revenue declined from $878M in 2024 to $750M in 2025. Shares of Perella Weinberg rose 10%, while Piper Sandler's fell 5% on the news.

Perella Weinberg Partners (PWP) shares rose 12% after The Wall Street Journal reported potential merger talks with Piper Sandler (PIPR). Both firms have histories in financial advisory services. Neither company has confirmed the discussions, and the outcome remains uncertain.