Evercore's pay: $829k. Higher salaries, higher bonuses, more MDs
Investment banking is back, baby. It’s not fully back to 2021's highs – nowhere near – but things are moving up. Big banks like Goldman Sachs and JPMorgan are doing well; as are boutiques like PJT Partners.
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Evercore is the latest bank to publish its Q4 and full-year 2024 results. The top line figure are good: full year revenue was up 23% in 2024 on 2023, and net income was up by 48% across the same period.
Pay went up too. In 2024, Evercore paid an average of $829k per head, a 10% increase on the $754k per head it paid on average in 2023. Evercore pointed to “a higher accrual for incentive compensation, higher base salaries and higher compensation expense related to senior new hires.” Basically, better pay all around, and more MDs.
Evercore spent last year hiring. At the start of 2024, it employed 2,195 people; by the end of the year, it had 2,380. Any further hiring might slow down in 2025, however. As PJT’s founder and CEO, Paul Taubman, said to investors in the firm’s Q4 call yesterday: when the market “heats up”, it’s harder to tempt people to leave their roles, “whether they’re happy or not.”
That’s mostly because of gardening leave eating into time that could have better been spent working on deals that justify bonuses. “That's one of the reasons why we were so focused on continuing the recruiting and the depths of the M&A market in '22 and '23,” Taubman mused. It's easier to hire bankers who have nothing to do.
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