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Evercore is still hiring but it's paying slightly better now, too

Boutique bank Evercore might have let some of its colossal compensation reputation tank in recent years, but that doesn’t mean it’s battening down the hatches. If anything, despite some floundering, the bank is hiring more people than ever.

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Evercore added nearly 100 people to its headcount between Q1 of 2023 and 2024, bumping its total headcount up from 2135 to 2225 – a 4.8% increase. Its wage bill went up by 5.7% accordingly, bringing the average compensation per head to $174k across the quarter, a slight (1.4%) increase on the $172k last year.

Founder Roger Altman called it “one of the best starts” the firm has ever had, despite the modest 2% increase in net revenues, which were mostly driven by underwriting and asset management fees. Advisory, the boutique’s core business, saw a 7% decline in revenues. 

The boutique also added five new Senior Managing Directors (SMDs), taking its total count to 183 at the end of the quarter. Evercore also mentioned “one investment banking senior managing director” committed to join the firm in Q2; presumably, that’s Mark Lipacis, a 12-year veteran of Jefferies. Lipacis is an equity researcher in technology – semiconductors, specifically.

The bank doesn’t break out “regular” MDs in its figures, but those have been stacking up as well. Just this month, it’s added Sophia Damianou and Morgan Zuckerman Green, in London and New York respectively, Northleaf Capital Partners (a private equity firm) and RBC. Damianou joined Evercore’s private capital advisory group, while Zuckerman Green joined as COO of the boutique’s industrials group.

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AUTHORZeno Toulon

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