Falling oil prices are crushing boutique investment bank MLV & Co.

Oil spillRipple effects from oil’s plunge continue to be felt, especially with one boutique investment bank.

Boutique investment bank MLV & Co. is cutting staff and is relocating offices after seeing its deal pipeline hurt by plummeting oil prices, four sources told Business Insider.

MLV, which has offices in New York and Houston, missed its 2014 revenue projections of $US35 million by a double-digit percentage, sources said.

Now, MLV is moving offices to a different location in New York. Its Houston branch remains open, sources said.

Key staffers are quitting after MLV did not pay full bonuses last year, sources said. Other staff has been laid off. Sources say headcount has gone from about 70 to around 50.

Until Friday morning, MLV’s website listed a handful of employees who were no longer with the company.

This included co-head of energy investment banking Seth Appel and director of energy investment banking Matthew Feinberg as well as former COO Dean Colucci.

One source speculates that MLV may not survive the fallout from oil’s plummet. Others said existing businesses at the bank, like its real estate and life sciences advisory businesses, could support the firm.

Another source, still with MLV, said the bank’s shareholders injected new money into the business. He said the company — which was not profitable in the fourth quarter of 2014 — could still be profitable for the first half of 2015. Additionally, this source said, the firm’s 2014 revenues, while disappointing, were still an increase over 2013. One source said in 2013, MLV advised on 140 deals totaling about $US1.4 billion in value.

None of the ex-MLV employees would comment when contacted by Business Insider.

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