Wasserstein Perella & Co. (sometimes referred to as "Wasserella") was an investment bank established by Bruce Wasserstein, Joseph R. Perella, Bill Lambert, and one other founder in 1988, former bankers at First Boston Corp., until its eventual sale to Dresdner Bank in 2000 for some $1.4 billion in stock. The private equity business of the investment firm was not included in the sale and was to be sold off to existing Wasserstein shareholders.[1]
The firm was described in the New York Times as a training ground which helped create "a dynasty of bankers and executives that has spread throughout Wall Street and corporate America".[2] They included Robert S. Wiesenthal who became chairman of Sony; Raymond J. McGuire of Citigroup; Douglas L. Braunstein of JPMorgan Chase; Deborah C. Wright of Carver Federal Savings Bank, Gail Zauder of Credit Suisse; and others.[2] A First Boston analyst Paul Mecurio left corporate life to become a comedian.[2]
Perella had left the firm for Morgan Stanley in 1993.
Wasserstein left the firm in 2002 to head investment bank Lazard.[3] The investment banking business of Dresdner Bank changed its name to Dresdner Kleinwort Wasserstein as a result of the deal, dropping Wasserstein's name only in 2006.