Boutique investment bank Perella Weinberg fired its top restructuring banker, Mike Kramer, and three others for allegedly planning to leave and set up their own shop, the Financial Times reported citing a memo sent out to the firm’s employees.
According to the FT, the bank’s cofounder, Peter Weinberg, wrote in a firm-wide memo that the bankers had violated their partnership and employment agreements.
“As you know, trust is the foundation of our business and we believe they fundamentally breached both our trust and our agreements. Consequently, we believe our actions are in the best interest of both our clients and the Firm,” the memo said.
Bloomberg News reported that the other three bankers who were fired were Derron Slonecker, Joshua Scherer and Adam Verost.
Before that, Kramer previously served as the was the head of financial restructuring at boutique investment bank Greenhill & Co. He also previously worked at Houlihan Lokey Howard & Zukin where he ran the M&A and financial restructuring units.
We reached out to Perella Weinberg for comment.