PJT's headcount is growing and it's paying more than ever
Boutique bank PJT Partners has posted its 2024 Q3 results. It probably won’t pop any champagne for its bankers though, who can more than afford it themselves.
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Paul Taubman’s bank reported a 17% revenue increase in the third quarter of 2024 compared to 2023’s. The bank made more in revenue in the first nine months of this year than in any full year since its IPO back in 2015.
Pay, consequently, was up – to a rather monumental $205k in the third quarter alone. And compensation per head for the first nine months of the year, therefore, was $638k. The bank is on track to pay at least $850k per head this year, one of the highest sums in its history, although probably even more than that given the upward trajectory that investment banking revenues have taken since Q1.
PJT has also been hiring as much as ever. PJT had 1,107 employees at the end of Q3, a 9% increase since the start of the year. It also grew by 12% in 2023, and 9% in 2022. Taubman credited the “record third quarter” results to “the success of our recruiting efforts,” as well as the “growing appreciation” of PJT’s “unique capabilities.”
Some of the new faces this quarter included Goldman’s co-head of European industrials, Eduard van Wyk, and JPMorgan’s co-head of global market infrastructure, Jeremy Capstone. Both are based in London.
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