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Evercore pay fell, but by a lot less than profits

Boutique bank Evercore might have had a bit of a headache-inducing 2023, but its Q4 (and full year) results suggest that its bankers were shielded from much of it.

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Pay at the boutique fell from $801k per head in 2022 to $755k in 2023. That’s a steep fall – 5.7% down, in fact – but much better than the bank’s top line figures. Revenues, for example, fell 12% between 2022 and 2023. Net income was down by a whopping 46% between the two years. 

Most of that difference came down to a pretty strong last quarter performance, in which Evercore’s revenue fell “only” by 6% year-on-year. Curiously, spending per head actually increased by 7% in that period.

Chairman & CEO John Weinberg declared that he felt “encouraged” by the “strengthening” of market activity.” He also noted that whilst 2023 was difficult, the firm “continued to invest heavily” in its people, and are “committed to do so over the near-and long term,” flying in the face of continuing cuts at Citi and Barclays, among others. Evercore hired 75 people this year, taking its employees from 2120 to 2195 - a modest but still positive 3.5%.

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AUTHORZeno Toulon

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