Perella Weinberg Partners (PWP) is cutting nearly 10% of its workforce, including about a dozen partners, as the investment bank reallocates resources toward higher-performing areas of its business, Bloomberg News reported Wednesday, citing a person familiar with the matter.

The cuts focus on industry subsectors that have lagged the broader market. A spokesperson confirmed that nearly 10% of the firm's roughly 700 employees will be dismissed, according to the news outlet.

The move comes after Perella Weinberg reported a 30% decline in first-quarter revenue, even as its deal backlog reached a two-year high.

Executives said larger transaction sizes and economic uncertainty were causing clients to delay deals.

Perella Weinberg did not immediately respond to MT Newswires' request for comment.

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