Evercore hires even more dealmakers as pay continues tumbling
2022 was a year worth forgetting for Evercore and its bankers, and it’s looking like 2023 might be on the same track.
As of today – its Q2 results day – the boutique is on track to pay its people approximately $628k per head this year. That’s a lot of money, but it’s down significantly on previous years; the bank paid $801k per head in 2022, and $948k per head in 2021.
Although total headcount did tick up slightly (by 5%), the main cause of the fall was a rather drastic cut to the bank’s total compensation outlay, which was down by 13%.
That hasn’t stopped the bank from adding to its top tier of dealmakers, however - its Senior Managing Director (SMD) class has grown by 11 since the start of the year. That might not seem like a particularly big number at a bank with over 2200 employees, but bear in mind that 15 joined in the entirety of last year.
Chairman and CEO John Weinberg said that the year so far has been an “extraordinary time to recruit exceptional talent”, and that the hires were “positioning the firm for when the market recovers,” which give a hint towards reasonable job security at the bank, even as revenues were down.
It’s worth noting, however, that whilst big banks have been hit hard by a weak dealmaking environment, not every boutique has. PJT Partners, for instance, reported significantly higher revenues for Q2 yesterday, and pay is actually on track to increase compared to last year.
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