4.4 • 350 Ratings
🗓️ 12 March 2025
⏱️ 24 minutes
🧾️ Download transcript
Disputes over power and pay aren’t unusual at Wall Street’s top firms. What isn’t ordinary is when the conflict turns into a decade-long legal battle. That was the case for boutique investment firm Perella Weinberg Partners and their former star banker, Michael Kramer. After 10 years, their dispute recently went to trial in Manhattan. The FT’s Wall Street editor Sujeet Indap had a seat inside the courtroom, and tells us what he learned about the inner workings of the firm. Clips from Bloomberg, Fox Business
- - - - - - - - - - - - - - - - - - - - - - - - - -
For further reading:
Perella Weinberg trial lifts veil on bitter feud among top bankers
Court brawl reveals fractious world of investment banking
Wall Street’s battle of the bankers
- - - - - - - - - - - - - - - - - - - - - - - - - -
Follow Sujeet Indap on X (@sindap) or on Bluesky (@sindap.bsky.social). Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her on LinkedIn for updates about the show and more.
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
Click on a timestamp to play from that location
0:00.0 | Recently, my colleague Sujit Indup has been spending a lot of time inside a courtroom in downtown Manhattan. |
0:09.1 | It has been like quite a spectacle. |
0:11.8 | Sujid is the FT's Wall Street editor. |
0:14.2 | In the case he's been watching pits the two founders of a powerful investment bank against their former star banker. |
0:22.7 | In the courtroom, these otherwise high-powered Wall Street finance people who have been |
0:29.9 | effectively at war for literally a decade, they are finally getting the chance to confront |
0:36.7 | each other in court and settle this blowup from 10 years ago. |
0:42.4 | Yep. You heard that right. Ten years of bad blood. This trial, Sujit told me, has been offering a rare peak inside the inner workings of a firm that's brokered the sales of some of the |
0:56.5 | biggest companies in the world. |
0:59.3 | I mean, investment bankers are very discreet people, though how they actually work is |
1:04.3 | mysterious. |
1:05.1 | What happens in boardrooms is mysterious. |
1:06.8 | What advice they give to clients is mysterious. |
1:08.9 | And then how they manage their firm and all their personalities within the firm. The case has thrown a harsh light just on these internal |
1:14.8 | rivalries and dynamics. This decade-long conflict has raised major questions about how power |
1:22.7 | and pay are metered out within this pocket of high finance. Every major firm is grappling with this issue of how do you retain talent, motivate talent, |
1:34.2 | but then how do you also get them to fit into a culture? |
1:38.0 | And from the banker's point of view, how do you meet your own personal goals in a large group, |
1:45.0 | or do you have to go start your own firm or go to a smaller place? |
1:48.5 | And those are universal dilemmas. |
1:50.6 | And this case is really the scenario when all that doesn't go right. |
2:01.1 | I'm Mikala Tendera from the Financial Times. |
... |
Please login to see the full transcript.
Disclaimer: The podcast and artwork embedded on this page are from Topher Forhecz, and are the property of its owner and not affiliated with or endorsed by Tapesearch.
Generated transcripts are the property of Topher Forhecz and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.
Copyright © Tapesearch 2025.