Boutique bank picks up Goldman Sachs MD amidst job cuts

Boutique bank PJT Partners is well known for paying its people bucketloads of cash, and that reputation probably doesn’t hurt when it comes to hiring managing directors (MDs) from some of its much bigger rivals.

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Grégoire Baudot left Goldman Sachs after nearly 20 years across the bank’s London, Paris, and New York offices. He was with the bank’s technology, media, and telecommunications (TMT) team, having been made an MD in 2015. He joined PJT’s M&A team, known as the strategic advisory group, in New York earlier this month.

There’s no indication that Baudot was part of Goldman’s MD cull, but it seems unlikely. Boutique banks that are seeing rising revenues and profits (such as PJT) don’t tend to go for underperforming MDs. PJT is a pretty good place to end up if you are moving on from Goldman Sachs, anyway: the boutique grew its headcount by 10% YoY, per its last annual report, and pay went up even more – it’s on track to pay $820k per head this year. That’s along the lines of what a Goldman MD earns.

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