Piper Sandler has been in talks to combine with advisory firm Perella Weinberg Partners, according to people familiar with the matter, in a deal that would join two Wall Street firms known for their dealmaking. Piper Sandler, which has a market value of around $5 billion, could finalize a deal for Perella Weinberg, which has a market value of around $1.4 billion, soon, the people said. Nothing is finalized and the discussions could still fall apart, the people cautioned.

Piper Sandler was formed through the 2020 merger of Piper Jaffray and Sandler O’Neill & Partners, two investment banks known for advising smaller and midsize companies on deals. The firm is led by Chief Executive Chad Abraham and reported roughly $1.9 billion in revenue last year. Perella Weinberg was founded in 2006 by Wall Street veterans Joseph Perella, Peter Weinberg and Terry Meguid.

It went public in 2021 via a blank-check firm when such vehicles were all the rage. Weinberg stepped down as CEO in January 2023 and was replaced by Andrew Bednar. The firm landed key roles advising on deals including Black Rock’s acquisitions of Global Infrastructure Partners and HPS Investment Partners, deals worth $12.5 billion and $12 billion, respectively.

But its shares and shares in other boutique investment banks have been under pressure in recent months. Perella Weinberg’s overall revenue dropped from a record $878 million in 2024 to around $750 million in 2025, while peers reported higher revenue. In its most recent quarter, Perella Weinberg’s revenues rose 1% from a year earlier. U.S. M&A volumes are up 33% so far in 2026 compared with 2025, according to Dealogic.

Perella Weinberg did a series of its own deals over the years. Earlier this year, it struck a deal for the U.K.-based advisory firm Gleacher Shacklock, and last year it agreed to acquire secondary advisory firm Devon Park Advisors. The bank previously bought the energy-focused boutique bank Tudor Pickering Holt in 2016.