Perella Weinberg and Piper Sandler Call Off $6 Billion Investment Bank Merger

Perella Weinberg Partners and Piper Sandler have abandoned merger talks that would have created a combined investment bank valued at approximately $6 billion, according to the Financial Times. The two firms ended negotiations on October 14, roughly two weeks after the discussions were first reported in late September 2026.

The potential deal had drawn significant market attention when it emerged. Piper Sandler, which carried a market capitalization of around $4.9 billion, was in talks to acquire Perella Weinberg Partners, whose stock market value stood at roughly $1.4 billion. Perella Weinberg shares had jumped nearly 12 percent when the talks were first disclosed, while Piper Sandler shares fell about 9 percent on the news, reflecting typical acquirer-target dynamics. With the deal now off, those moves are likely to partially reverse.