Boutique investment banks reported sharply diverging fortunes in restructuring businesses during 1Q 26, with PJT reporting a record first quarter boom in restructuring fees while some of its rivals reported a drop in fees from the same period last year.
PJT reported a record first quarter in its restructuring segment, posting overall advisory revenues of $418m for a 29% increase from the same period last year, according to the firm’s earnings call late last month. Perella Weinberg reported a 30% drop year-over-year in combined M&A and restructuring revenues to $149m, while Moelis reported a decline in restructuring, with revenues supplemented by M&A growing 4% YoY to $319m.
To be sure, it can be difficult to compare results when fees levels swing depending on when deals close. Houlihan Lokey, one of the few banks to break out restructuring revenue separate from M&A, reported $110m in revenue on 30 transactions from the quarter, a 33% revenue drop from the same quarter last year. Houlihan’s drop shows how lumpy the business can be: chief executive Scott Adelson cited the drop to two large deals being pushed beyond the quarter.
”It’s not a smooth or steady revenue business. Companies close different deals each quarter,...
